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Europe’s airlines 
at odds over 
cheap fares. Page 5 


No. 29,770 


EUROPE’S BUSINESS NEWSPAPER 

Monday November 4 1985 


D 8523 B 


d news 


Sinn Fein 
fears ban 
if pact 

£ r ;li feagreed 

3L 


•’ ...: s 


.;I ! 


* VS v 


Beads emerged at the animal con- 
ference in DuUni of Sinn Fein, the 
poKtieal wing of the ERA, that any 
agreement based on the present 
Anglo-Irish talks on Northern Ire- 
land would lead to a crackdown on 
the party. But Gerry Adams; party 
president, said Sinn Fein would not 
lie defe ated , . nor renounce the 
IRA’s “right” to use farce. 

- Delegates were reportedly told 
privately by Adams that. Sinn Fein 
believed it was planned to ban the 
party following any accord. 

London and Dublin are at a deE- 
Eafce. stage in protracted discussions 
vtidety believed to include a consul- 
tative role for the Irish Republic in 
Northern Ireland’s affairs. Page 18 

Argentina ballot 

Argentines voted in the first mid- 
term congressional elections for 20 
years, held under a state of siege 
imposed to stop right-wing bomb- 
ings and threats. 

Suicide bomb foiled 

A Lebanese woman riding a donkey 
laden with explosives was shot and 
wounded as she neared a pro- 
Israeli militia barracks in south 
Lebanon. Rockets fired from south 
Lebanon landed in northern Israel 
but caused no casualties. 

Police killed 

Twenty-one Mexican policemen 
were reported killed in a gun-battle 
with a drugs- gang in the eastern 
state of Veracruz^.. 

Mandela surgery 

Nelson Mandela, the 67-yearoId 
jailed South African ' nationalist 
leafev' surgery hi - a 

tofpeXownhospi^ 
prostate gland. P^ai 3 


-~.,.V % i 


; a.-. . . • . 


Call for Naio vote 

/Most Spaniards want a referendum 
on whether ^pnm^iould remain in 
Nate, a newspaper poO showed. 

Guatemala election 

Guatemalans went to fire polls, with 
■flie army on alert, to elect a civilian 
president after /three decades of al- 
most unmteuityted military rule. 
:A0a3 

Crew rescued 

A. British ship sank oft the north 
german coast Imt'its five-man crew 
.was rescued by a passing ship. 

Economic hopes 

Yugoslavia, which is struggling 
with large foreign debts and high 
frflfl tion, has drafted an ambitious 
economic development plan for 
next year, Belgrade newspapers 
said. 

Airport security plan 

Austria said more anti-terrori st 
measures are to be introduced at 
the country's five international 
airports. 

Border talks resume 

India and China resume talks today 
on their 23-year-old border dispute 
with hopes of a breakthrough. 

Kharg Island attack 

Iraq' said its aircraft attacked Iran's 
Kharg TsUmd oil terminal, leaving 
targets on fire. 

Hong Kong warning 


■ ing immigrants from China 

coqid face Bffr i mprisonm ent and 


Israeli farm loans 


| | rf 

580m -in bank loam for fanners af- 
ter protesters blocked roads and 
two bridges over the Jordan. 

Marcos poll pledge 

jpn^owt Marcos of the Philippines 
said he wifi call a national election 
«ithln three or four months. 


Business summary 


Safety 
net for 
Munich 
bank 


WEST GERMANY’S co-operative 
banking system has launched a 
support operation for Munich-based 
Bayerische Raiffeisen-Zentra lb a n k 
bec aus e of doubts over its loans to 
the country’s depressed construc- 
tion industry. Page 17 

TOKYO SHARES: Nikkei market 
index dosed 1J8 up at 12£O9.08 on 
Saturday after Friday's 128.37 fall 

CHINESE Trade Minis ter said GEC 
of Britain and Framatome of 
France were asking too high a price 
in negotiations over a S4bn nuclear 
plant for southern China. 
:5 

INTERNATIONAL Petroleum ex- 
change in' London today starts a 
second attempt to launch a crude oil 
Mores market, with trading in an 
index-based Brent blend contract 
Pbge8 

EUROPEAN Monetary System: 
Most currencies showed a small 
rise over the week against their 


EMS Novi, 1985. 

3%~ 


2-2SV 


- 

0 



Grid 


GS- 



central- rates, witfftgfte&tion.agtfni 
focused on the performance of the 
dollar. The latter was weaker over- 
all after renewed intervention by 
central hanks. The Bank of Japan 
and the West German Bundesbank 
were particularly active. The 
D-Mark was firmer against the dol- 
lar, but this faded to place any 
downward pressure cm the weaker 
currencies. The Belgian franc re- 
mained the weakest member, but 
showed few signs of strain despite a 
recent reduction in some domestic 
interest rates. 

The chart shorn* the two cons traina 
on European Monetary System ex- 
change rates. The upper grid, based 
on the weakest currency in the sys- 
tem, defines the cross rates from 
which no currency (except the lira) 
may move man Aim 2% per cent 
The lower chan gives each curren- 
cy^ divergence from its ‘ central 
rate" against the European Curren- 
cy Unit (ECU), itse\f a basket qf Eu- 
ropean currencies. 

VNESHTORGBANK, Soviet trade 
Kanfc, has launched a banker’s 
acceptance facility in the . US dom- 
estic market, raising up to SMQm to 
finance purchases of grain. Page 17 

MGM/UA Entertainment, US film 
distribution and studio company 
facing a takeover bid by Turner 
Broadcasting, cable television 
group, lost 3115.8m in the year to 
August, compared with a 1984 net 
profit of S34.7m. Page 20 

PANTRY PRIDE, US supermarkets 
group which recently won a long 
disputed takeover battle for Revkm, 
cosmetics and healthcare concern, 
lost S7.8m in the year to August 
against a profit of 39 £m in 1984. 
Page 17 - - 

J. ROTHSCHILD Holdings, invest- 
ment company, is selling stakes in 
two US investment operations to 
UK institutions in a S25m deal 


IRWIN JACOBS, Minneapolis in- 
vestor, has sold his 5 per cent stake 
in ITT, the communications group, 
after failing to win the support of 
after shareholders for changes he 
wished to make. 


SUN KING BUNG, Hong 
property investment company 
which has suffered serious losses 
since the collapse of the local prop- 


over by F fong fom g Macao Interna- 
tional Investment Page 20 


Kabul embassy incident heightens pre-summit tension 


MR GEORGE SHULTZ, the US 
Secretary of State, arrives in Mos- 
cow today to prepare for the Ge- 
neva summit while US-Soviet rela- 
tions are under strain because So- 
viet and Afghan troops have sealed 
off the US ftmhassy in Kabul, the 
capital of Afghanistan, writes 
Patrick Cockburn in Moscow. 

The embassy was surrounded 
last night after a Soviet soldier, a 
member of the 115,000-strong So- 
viet force in Afghanistan, sought 
refuge in the building last Thurs- 
day. 

Searchlights have been played on 
the embassy at night, and a diplo- 
mat who tiled to leave was mis- 
treated by soldiers, according to a 
US officiaL 

The Soviet Union has made no 
comment on the incident but has 
sharpened its attacks on the US in 
the lead-up to the summit 


between US President Ronald Rea- 
and Mr Mikhail Gorbachev, the 
leader, in Geneva in two 
weeks’ time. 

Pravda, the Communist Party 
daily newspaper, said yesterday 
that President Reagan's accusation 
that Moscow had promoted regional 
conflict in the world was merely an 
attempt to divert attention from 
nuclear arms limitation. 

Tass, the Soviet newsagency, had 
earlier denounced the disarmament 
proposals presented by the US in 
Geneva last Friday as one-sided 
and containing nothing new. 

Mr Shultz is to see Mr Eduard 
Shevardnadze, the Soviet Foreign 
Minister, today and Mr Gorbachev 
tomorrow. Diplomats in Moscow 
see the Secretary of State's visit as 
critical to the success of the sum- 
mit, given that the two sides are 
very far apart. 


US policy is to try to limit expec- 
tations before the summit, while 
the Soviet Union says that it wants 
and expects concrete results. 

Mr Shultz, who arrived in Hel- 
sinki yesterday, said that the Gen- 
eva meeting would be parity devot- 
ed to the establishment of an agen- 
da for future relations between the 
superpowers. He did not rule out 
further summits. 

Mr Gorbachev and Soviet com- 
mentators stressed over the week- 
end that the summit must focus on 
nudear arms limitation. Moscow 
has also said that there can be no 
measure of nuclear disarmament if 
the US does not abandon its Strate- 
gic Defence Initiative - the Star 
Wars programme. 

Mr Shultz has said, however, that 
there might be progress on an 
agreement on the reduction of in- 
termediate-range missiles, even if 


differences continue on strategic 
rpiyaVs and the Strategic Defence 
Initiative. 

Over the last two weeks Soviet 
comment on the prospects for the 
summit have become increasingly 
pessimistic, since President Rea- 
gan's speech to the UN a c c u s i ng the 
Soviet Union of stoking regional 
conflicts. 

Pravda said yesterday that the 
President, by highlighting regional 
conflict, was trying “to sidetrack 
the main problems of limiting nu- 
clear and strategic weapons into a 
distant corner, to drown it in ques- 
tions about other questions.” 

But Mr Georgy Arbatov, the bead 
of the USA and Canada Institute 
and an adviser to Mr Gorbachev, 
said on Soviet television at the 
weekend that the Administration 
was deeply divided on the question 
of relations with the Soviet Union. 


He also said that Washington was 
under pressure from its allies on 
the question of the Geneva summit 
and added that tensions between 
the US and its allies had readied a 
scale “unprecedented in the post- 
war period-” 

• The Soviet Union has appointed 
a new permanent representative to 
Cbmecon, the Communist bloc trad- 
ing group, which it is seeking to 
strengthen. He is Mr Alexei 
Antonov, a deputy Prime Minister, 
who takes over from Mr Nikolai ty 
Talyzin, recently appointed to head 
the state planning organisation, 

Gosplan. 

In B further change over the 
weekend, Mr ApoDon Systov re- 
places Mr Ivan Silayev as Aviation 
Industry Minister. Mr Silayev has 
been made a Deputy Prime Minis- 
ter with economic responsibilities. 


Steep fall in peso’s 
value raises fears 
over Mexican debt 


BY PETER MONTAGNON IN LONDON 


A FURTHER steep foil in the value 
of the peso over the past month has 
raised fresh doubts about Mexico's 
ability to resolve its S96bn foreign 
debt problem. 

Though ft s talnEsed at the end nf 
last week, the free market rate for 
the peso has moved to 473 a dollar 
from around 370 at the time of Sep- 
tember's earthquakes. This com- 
pares with the controlled rate of 322 
used to settle physical trade trans- 
actions. 

Foreign bankers say the sharp 
drop in the free rate suggests a new- 
burst of capital flight coaid he sap- 
ping Mexico’s already scarce re- 
sources of foreign exchange. One 
-banker in New York spoke at the 
weekend of. “great concern” over de- 
velopments in Mexico. 
-Gtoreasmiforthe.fafim.fiie.cur- 
rencyisTm attempt bytbe authori- 
ties to Mexico to bold down local in- 
terest rates and lower the cost of 
government financing. The authori- 
ties have started to fix in advance 
the rates on auctions of Cetes, or 


treasury bills, which are one of the 
Government’s main funding instru- 
ments. 

Expectations that tourist receipts 
will also fall steeply after the earth- 
quakes was cited as annihpr factor. 

Bat the drop also betrays ft grow- 
ing rfisiifnmnn among investors at 
the Governments bundling of the 
economy as wen as concern over 
mounting political opposition with- 
in Mexico to economic reforms 
sought by the International Mone- 
tary Fond (IMF). 

One of the mum demands of an 
IMF ndgrinn now in Mexico is ex- 
pected to be a cut in' the budget defi- 
cit which is naming at dose to 10 
per cent of gross domestic product 
Economists believe this will be hard 
to meet because the high cost of 
servicing government . debt .already 
eats up about a third of total spend- 
ing. ' 

Mexico's inability to redone inter- 
est rates and, thmefore, debt ser- 
vice costs without upsetting the ex- 


change market only serves to em- 
phasise the limited range of policy 
options now available to the Gov- 
ernment of President Miguel de la 
Madrid. 

At last month’s IMF meeting in 
Seoul, Mexican nffiniak told bank 
creditors they would seek a new 
IMF agreement to bade up their re- 
quest for some S2fibn in net new 
loans for 1988. 

The hope was that a programme 
could be ready by the end of this 
month for inclusion in the 1986 bud- 
get which is due to be unveQed 
then, tat growing doubts in the 
banking community over whether 
this timetable can be met are now 
adding to worries con the foreign 
debt 

Bankers say they are now relying 
on Mexico’s record for polling back 
fourtbeivitik which may lead to 
the introduction of a number of 
measures designed to improve its 
economic performance, mclnd fag a 
devaluation of file controlled peso 
rate to boost exports 


Deutsche Bank chief hits at 
bourse approach to reform 


BY JONATHAN CARR M FRANKFURT 

A SWINGEING attack on West Ger- 
many's stock exchange system has 
been' launched by Dr F. Wilhelm 
Christians, one of the two "spokes- 
men'’ [chief executives] of Deutsche 
Bank, the country’s largest com- 
mercial bank. 

Apressconferenceonfiieperfor- 
mance of investment funds over the 
past year had pursued a calm and 
predictable course until the ques- 
tion of reform of the stock exchange 
came up. Then, to the surprise and 
cfrpght of those present, Dr Chris- 
tians let fly. 

He warned that a ^“short-sighted, 
parish-pump mentality was hin- 
dering essential ch a n g e in the do- 


mestic stock market system. The 
country’s eight exchanges had to 
overcame their differences and 
present a united front to law mak- 
ers in Rftnn pnH to the outside 
world. Otherwise they faced only a 
provincial future, disconnected 
from fafamotiftnul development 


(■ 


The latest comments should give 
a new sense of urgency to talks on 
stock market reforms which have 
drifted on interminably without 
bearing visible fruit 


At issue is whether West Ger- 
many can defend, let alone boost 
its position as the world's fourth 
Dr Christians’ unusually blunt stock market centre after New 
public warning is felt unhkety to York, London and Tokyo. The presi- 
fall on deaf ears. About a year ago dent of the F ra n kf urt bourse, Mr 
Deutsche Bank announced it was Kari-Oskar Koenigs, produced a 
moving its non D-Mark Eurobusr- plan which would hefp to cut dupli- 
nes s to Tendon from Frankfurt - cated efforts among the eight ex- 
this shocked the Bundesbank into changes to establish a central dear- 
further liberalising the domestic mg system and a uniform data pro- 
capital markets. cessing network. 


EMS 6 could cut UK inflation’ 


BY PH BLIP STEPHENS, ECONOMICS CORRESPONDENT, IN LONDON 


FULL MEMBERSHIP of the Euro- 
pean Monetary System (EMS) at 
the present sterKng-D-Mark ex- 
change rate would put the British 
Government's target of 3 per cent 
inflation by 1988 well within reach, 
the London Business School (LBS) 
says today. 

The LBS presents a positive re- 
view of the case for British partici- 
pation in its ' latest 
Outlook. 


against the idea of seeking to peg 

s terling n garnet the D-Mark anrl 

other EMS currencies at an artifi- 
cially low rate. Such a course, it 
argues, would result in the loss of 


accompanied by the issue of an “oil 
bond,” which capitalised the value 
of Britain's North Sea assets. 

Such a bond, representing the 
stream, of future government reve- 


nmrti of the p ranitor - inflatifwmr y nue from Oil faw and royalties, 


benefit of joining. 

It says that an analysis of the ex- 
change rate fluctuations both with- 
in and outride tbe EMS s u pports 
E co nomi c 'the claim that the system's ex- 
change rate mechanism has been 


could be sold to Britain's EMS part- 
ners, “thus equalising the exposure 
to fluctuations in oil prices and re- 
moving one major cause of ex- 
change rate testability.” 

This share-out of oar oil would 
not, of course, be a gift to our EMS 
partners, but a rale at market 
prices. It could, in effect, constitute 


It says tbe downgrading of the “an island of relative stability in an 
broad money supply measure, ster- increasingly unstable wodd.” 
ting M3, as a guide to monetary pd- Countries within the system have _ 
icy has undermined one of the key ' to some extort been faunliiferf from a new phase in the Government's 
objections itf taking sterling ‘teto the uncertainties created by the programme of asset safes,” the LBS 

hnge mov ement s in the value of the 
pound, tbe dollar and the yen. 

The LBS says that the pound's 
vulnerability .to fluctuations in the 
oO price cannot be eliminated am- 
ply by joining the EMS. It suggests, 
howiever, that membership could be 


the exchange sate mechanism. And 
the pound's status as a petro- 
currency is not a good economic ar- 
gument against membership be- 
cause j oining would not make the 
problem any worse. 

The LBS study, however, warns 


says. 

The study suggests that even 
without such a mechanism mem- 
bership would help to create a more 
Costumed on Page 16 


_ CONTENTS 


International .. 

Com panies • • 
World Trade ... 

Britain 

Companies -- 


Appointment ---•-* 
Aits - Review* .... 
- World Guide 

Qmcnord ...» 

Currencies 

MtedileMUMri-' 


-.2,3 
17,20 
.... 5 
.. M 
... 22 


23 

13 

13 
23 
33 

14 


Eurobonds 

financial Futures 

Insurance 


InL Capital Markets ••••• 17,18,20 


Letters...... 

Lex 

Lombard.....— 
Management-— 

Men and Matters 
Money Markets . 

Stock markets- Bourses . , 


17,20 

32 
28 






Management: British - Health Lombard: housing ajstsraasci; 
Service 12 


15 

18 

15 

12 

14 

32 

29 


Editorial comment: lessons, 
of tin crisis; steel ........ 14 

Europe’s food mountain: 


Wall St 29-31 

London 20.27 


inflation 15 ’ 

Lex: rise of the Milan bourse 
index. 16. 

Technology: another side to 
silicon revolution 21 


there may be no escape . .14 

Foreign Affairs: when ‘50 per Turkish banking and trade: 
ySy *' • cent* does not mean half. . 15 Survey Section III 


EEC plans tax 
on output to 
end cereal glut 


BY IVO DAWNAY IN BRUSSELS 

THE MOST radical reform to the 
EECs management of cereals pro- 
duction sfa«» the creation of the 
Common Agricultural Policy (CAP) 
more than 20 years ago will this 
week be examined by the European 
Commission. 

The plan, which directly affects 
more th»n ism farmers, centres on 
a new tax on output aimed at rais- 
ing revenue to finance costly export 
subsidies. This so-called “co-respon- 
sibility levy” will be combined with 
a policy of rigorous price restraints 
and tough curbs on tbe guaranteed 
prices paid for low quality grains. 

Officials of tbe Commission's 
form directorate hope the measures 
will pot a brake on production that 
last year cost the CAP budget about 
Ecu 2hn (SL7bn) and left unsold 
jdnrira of more than Hfai tonnes In 
Community stores. 

But the scheme must first run the 
political gauntlet Of the 14 Commis- 
sioners and then, if approved, face 
formidable hurdles among the 10 
farm ministers. This year efforts to 
bring about a modest 3.6 per cent 
price cut for grains were vetoed by 
West Germany under pressure 
from its powerful form lobby. 

If it fails, many experienced agri- 
culture industry observers believe 
quota restrictions - paralleling the 
unpopular “superlevy" on milk out- 
put imposed last year - will be 
inevitable. 

Mr Peter Fooley, a senior Com- 
nrission official, told UK fanners at 
tbe weekend; Tf our cocktail of pro- 
posals does not work, or cannot be 
negotiated, the Community is going 
to experience one hell of a hang- 
over. 


“Quotas are the ultimate hang- 
over cure." 

The cereals plan, which has a di- 
rect impact on costs to livestock 
farmers using grain as feed, has al- 
ready provoked controversy within 
the Commission itself. It is under- 
stood that figures spefling out the 
level of co-responsibility tax re- 
quired to fund export costs have 
been removed from the paper as too 
controversial, as have details of 
new quality standards. 

Informed opinion in Brussels, 
however, suggested that officials 
were contemplating a producer tax 
of either 2 or 3 per cent on interven- 
tion prices paid at Community 
stores. 

Furthermore, the proposal envis- 
ages the creation of a new differen- 
tial between guaranteed prices for 
hi gh , bread-making quality grains 
and feed cereals, perhaps of as 
much as fl per cent This would par- 
ticularly hit the low grade varieties 
planted tty UK farmers. 

The plan is also expected to ex- 
empt small producers selling less 
than 50 tonnes of cereals each year. 

Detailed discussion of the scheme 
is now to be held before the figures 
are formally put in place when the 
Commission submits its 1988 farm 
price proposals in January. 

It is certain to meet strong oppo- 
sition from fanners’ unions, which, 
despite tacitly accepting the princi- 
ple of a co-responsibility levy, will 
be vigorously opposed to a likely 
freeze on prices. 

Some member states are also ex- 
pected to take exception to ele- 
ments in the package. 

Europe's food mountain, Page 14 



Mr Gianni Agnelli 

IRI chief 
defends 
bid to oust 
Cuccia 

By Alan Friedman in Milan 

THE STRUGGLE for control of 
Mediobanca, the powerful Italian 
merchant bank ST per cent-owned 
by the IRI state bolding group, took 
a new turn at the weekend when 
Professor Romano Prodi, IRI chair- 
man, said he wanted to “open 
Mediobanca up for free market 
competition." 

Mediobanca has traditionally 
been a closed and exclusive institu- 
tion operating on behalf of a narrow 
chib of Italy's leading industrialists. 
Prof Prodi, in his first public state- 
ment on an issue which is among 
tbe most explosive in the history of 
post-war Italian finance, denied 
charges by Socialist and Republi- 
can politicians that IRTs move to 
oust Dr Enrico Cuccia, the 
78-year-old board member who ef- 
fectively runs Mediobanca, 
amounts to an attempt to politicise 
the institution. 

IRI, which through three state 
banks has 58.9 per cent of 
Mediobanca's shares, has refused 
to nominate Dr Cuccia for another 
term on the grounds that be is past 
the mandatory retirement age of 70. 
But Mr Gianni AgnelU, toe Flat 
chairman, and other members of 
Italy's financial elite who hold tiny 
stakes in Mediobanca, are opposing 
the removal of Dr Cuccia. What is 
really at stake, however, is the 
control of file bank. 

Dr Cuccia, who is under investi- 
gation by a Rome magistrate in 
connection with an IRI embezzle- 
ment scandal dating from the 1970s, 
has far many years been Italy's 
most influential deal maker. 

His personal rapport with tbe 
AgoeDis and other top industrialists 
has allowed him to create a spider’s 
web of financial power, based on 
industrial cross-holdings and key 
Mediobanca share stakes in Pirelli, 
Fiat, Montedison, Generali insur- 
ance and other companies. 

It emerged earlier this year that 
despite IRTs majority stake in 

Continued on Page 16 

Milan bourse, Lee, Page 16 


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Financial Times Monday. November 4 



Nearly three million readers reach for The New 
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Few of its readers realize, however, that a small 
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OVERSEAS NEWS 


Nuclear 

charges 

plague 

Chinese 

By Robert Thomson la Peking 
PERSISTENT allegations that 

China Ha* bom pwkflfog nuclear 
know-how to countries keen to 
develop noctewr weapons contin- 
ue to plane a Chlorite Govern- 
ment load of taking the 
moral ground on node*? issues. 

A series of dawns in the US 
and India ht past weeks b*s 
focused attention on the great 
unknowns of China’s wncjcar 
capability pnd raised queries 
about Peking's guarantees flf 
non-proliferation. 

Yesterday, Chen Zhaobao, 
vice-minister of noeley indus- 
try, toid the Financial Times that 
allegations by a US Senator of 
PAMje tractor coHqrion with 
countries sod) as ban, Sooth 
Africa and Pakistan Yvere “sheer 
fabrication. China has not assist- 
ed any country in the develop- 


In an interview last week, 
£hon Nan, Chfaa’s Deputy For- 
eign Minister, spl d cfafrra by 4 
senior TnHinn military offici al 

that Pakistan would test a un- 
clear bomb on Chinese territory 
were “totally fttwadfesg," “iytre 
fabrication” and “nonsense,” 

Th e Indian dating c omet o" 
eve of Sino- Indian friendship 
tuifc^ thw week, which yy in- 
tended to resolve the question of 
a disputed bonder between the 
countries, a bonier over which 
they fought a war in 1962. 


Polish activists 
protest over 
student’s death 

By Christopher Bobtnsld hi 
Wa 


POLISH ACTIVISTS yester- 
day lodged protests against 
the death while in police 
custody. Of Bfr Uurrin 
Antonowicz, a student 
Mr Lech Walesa, the 
former leader of the 
Solidarity free trade union, 
said he was “shaken by the 
crime. As long as the 
apparatus of violence fa not 
placed under the public 
scr utin y and control then 
everyone of us can become 
a ytetbh.* 

' The' 18-year-old Mr 
Antonowicz died in hospital 
In Ofaztyn, northern Poland, 
over the weekend. He 
suffered head injuries after 
being detained by the police 
on October IS. 

Mr Antonowicz, reading 
first year chemistry at 
Gdansk University, has not 
been involved In Solidarity 
activities, his parents have 
said. 

Dutch to press 
for reduction in 
nuclear tasks 

By Laura fan> fa Anutwfaiu 

THE NETHERLANDS’ 
dedsioq (o deploy nuclear 
missile^ on Dutch soil in 1988 
after years of delay may 
raise as many problems as it 
had been expected to solve. 

The Cabinet agreed on Fri- 
day in a heated ll-honr 
meeting to M$ept the 48 us 
cruise missiles in exchange 
for a drastic reduction In the 
country’s other Ngto nuclear 
tasks coupled with a higher 
defence budget. 

The Hague wants to reduce 
Its nuclear duties from six to 
two — the Lance guided 
missile and the 8-inch 
fapwitzer artillery— -and wanfa 
agreement from its Nalo 
partners in short order. 

The F-ifi nuriegr sgpaton. 
Orion bomber, nuclear land 
mines and Nike Hercules 
defence system 1 would be 
pped simultaneously with 
the 1988 missile stationing. 

Mr Bund Lubbers, the 
Dutch Prime Minister, 
explained that the Govern- 
ment wanted Alliance consul- 
tations this month so that the 
whole package — missile 
$epl©y|ne»t and nuclear 
arsenal reduction— could be 

submitted to pofffatnent for 
approval in December- 
One of The Hague’s bar- 
gaining chips fa whether it 
will adhere' to i lifting of 
defence spending by 3 per 
eent annually in coming years 
figure agreed along with 
other Nate members In 1978. 


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1003% 


Defining Eureka’s contours 


BY RUPERT CORNWELL IN BONN 


PARTICIPANTS in Eureka are 
divided over the role and size 
of a future secretariat to co- 
ordinate the nascent scheme for 
European high technology co- 
operation. amid fears among 
smaller countries that for lack 
of information they could miss 
out on attractive projects pro- 
moted by the venture. 

The suspicions have surfaced 
in the run up to the second 
min isle rial conference of the 
1 H nations involved m Eureka, 
which opens in Hanover to- 
morrow, to be opened by Mr 
Helmut Kohl, the West German 
Chancellor. 

The Chancellor’s speech is 
expected to be 9 rinsing en- 
dorsement of a scheme held to 
be vital If Europe is to keep 
abreast of XJJ3. and Japanese 
competition in technology in- 
dustries. But be will also have 
to allay fears that Eureka will 
not turn into a club dominated 
by the "Big Four" EEC states— 
above all France and West 
Germany. 

This issue of project selection 
and m-ordination has now be- 
come, along with finance, the 
most contentious outstanding 
issue as Eureka — conceived and 
floated by France only last 
.April — struggles to find dear 
contours. 

Only last week, at a seminar 
to present the three specific 
schemes that Bonn will be tak- 
ing to Hanover, Mr 


Riescnhuber, the German Tech- ■ 
nology Minister, stressed that 
France and- West Germany, the 
two countries which have most 
enthusiastically backed the idea, 
were not seeking to arrange 
everything " over other people’s 
heads.” 

But the doubts remain — ■ 
especially among smaller and 
less advanced EEC and non- 
EEC states, which see Eureka 
as a valuable mechanism for 
technology transfer. They are 
therefore pressing for a power- 
ful secretariat which will keep' 
a close eye on what is happen- 
ing. 

Other countries, however, are 
afraid that such « body would 
turn into an unwieldly bureauc- 
racy and a forum for horse- 
trading. They want a small co- 
ordinating unit only — - especi- 
ally Britain which insists that 
industry and market viability 
must have the main say in 
defining projects. 

The likelihood is now, officials 
say, that the problem will be 
left to officials to resolve after 
Hanover, but in time for the 
nest ministerial session of 
Eureka members, likely to be 
in London in May 1988. 

The two days of discussions, 
to be attended by foreign and 
technology ministers will end 
with a solemn declaration 
setting out Eureka’s goals, and 
individual project criteria In 


very general teim" - 1 ' 

Th«» far France, which 
pledged FFr 4htt <£8Tm> of 
cash for Eureka * the send off 
ministerial conference in -Parts 
last JUly, ‘is the only country 
to have specifically committed 
public .£gads. French officials 
moreen*- reckon that a total 
of around. FFr SObn, half from 
government wrote, will be 
needed 1 to finance Eureka 
projects. 1 

Britain on the other hand is 
adamant tha(- m much as 
possible must come from 
participant companies - gad the 
financial markets. This view fa 
broadly shared by Bqn» 

Mr ~ Kohl is, however, 
expected by officials to promise 
tomorrow that the 1987 draft 
budget will specifically earmark 
funds for Eureka. 

Bonn is bringing three 
projects to Hanover— ibe devel- 
opment of a Europe-wide 
research communications net- 
work. a project for high 
performance lasers, and a data 
bank to measure cross-frontier 
air-bora pollutants. France 
though is 'said to haw identified 
80 areas for Eureka co- 
operation, while various Euro- 
pean countries have ' an- 
nounced candidate schemes for 
Eureka in areas including 
integrated circuits, super 
computers and advanced mat- 
erials. 


Mozambique power source hit 


BY PATH WALPMBR, RECENTLY IN MOZAMBIQUE 


THE GIANT Cabora Bassa hydro- 
electric project in northwest Mo- 
zambique is unlikely to resume 
power supplies to its only customer, 
Escom, the South African utility, 
before the first quarter of next year 
at the earliest, according to the pro- 
ject’s director. 

Attacks by armed rebels of the 
Mazamhique National Resistance 
(MNR) on file 1,400km of high- 
tension cable linking the Hams to 
the Apollo distribution centre near 
Pretoria, have kept the line closed 
for all but two weeks since October 
1883. 

According to Dr Hermenegildo 
Gamito, director of Hidroelectrica 
de Cabora Bassa (HCB), the compa- 
ny is surveying the line (800km of 
which is in Mozambique) to deter- 
mine what repairs will be needed. It 
will take a minimum of two to three 
months to restore the knocked-out 
liras, which can supply up to ID per 
cant .of South. Africa's, electricity 


needs. 

Cabora Bassa, Africa's largest hy- 
dro-power complex completed by a 
consortium of European and South 
African companies in 1979. has 
been a favourite target of the MNR. 

Despite the March 1984 non-ag- 
gression pact between Maputo and 
Pretoria, which the Frelimo Gov- 
ernment in Mozambique barf hoped 
would lead to a cessation of armed 
attacks on the line by South Afri- 
can-backed rebels, the sabotage has 
continued. Widely publicised plans 
for the recruitment of private secur- 
ity guards for the line by Escom 
have come to nothing. 

The current plan, according to Dr 
Gamito, is to use Mozambican 
troops to guard the project, which 
includes some 6,400 pylons in Mo- 
zambican territory, many of them 
in rough terrain which makes sur- 
veillance difficult Sabotage of only 
one pylon is suffidegUo halt power 
transmission. _ 


But there ore doubts that the Mo- 
zambican army (which despite its 
recent advances against the rebels 
remains disorganised, iH-paid and 
ill-equipped) will prove equal to the 
task. Mozambique would not agree 
to the deployment of South African 
troops on guard duty, Dr Quota 
said. 

The closure of Ufa Dm fa putting 
heavy pressure on MoWfatriques 
crippled economy. The country fa 
forced to pay in hwdwwncy to 
import electricity from South Africa 
for southern Mbutabhpfe rafter 
than paying in tb&tunetiey to re- 
import Cabora; Bassa power 
through the South African grid 
And a recent arrangement whereby 
Escom would pay MoainduqUB 01 
South African cents per of 
power from Cabora Bassa (&U pro- 
ceeds previously went to Portugal, 
which financed the dam) wiP re- 
main a deadletter until regular sup- 
plies are resumed. - . 


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US? 11.6 Billion 
US? 6^ Billion 

30.6.84 

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^mancial Times Monday November 4 1985 

Congress faced 
two rival 
US budget plans 

BY STEWART FLEMING IN WASHINGTON 


OVERSEAS NEWS 



TBB US Congress will attempt 
this week to resolve differen- 
ces over rival proposals to re- 
form the budget process after 
the Democratic Party in the 
House of Representatives on 
■Friday approved its own budget 
plan in an unexpected dismay 
0<E party .unity. 

The House budget plan would 
sharply restrict the President’s 
authority to impose the auto- 
matic cuts in gove rnmen t 
spending envisaged in the Sen- 
ate passed Bill designed by 
Sen Phil Gramm and Sen 
Warren Rodman. - 

“With the votes on Friday 
night and early Saturday morn- 
ing the timing of the badly 
needed increase in the Govern- 
ment's borrowing powers re- 
mained unresolved, leaving 
the Treasury facing a Novem- 
ber 15 deadline when it could 
rim out of cash and be forced 
to default on interest payments 
on the national debt. 

The successful manoeuvring 
by the Democratic leadership in 
the House -late on Friday means 
that the prospects for congres- 
sional approval of the sweeping 
Senate approved budget reform 
package have been dealt a 
severe blow. 

This raises doubts about 
whether Congress will indeed, 
as many politicians have pre- 
dicted, pass some form of 
budget reform scheme. It may 
also mean farther delays in the 
progress of the President’s tax 
reform initiative which is now 
also seen to be in deep trouble 
on Capitol HilL 

The uphill struggle facing tax 
reform was underlined late last 
week when a group of right- 


wing Republicans in the House 
issued a statement calling on 
the President to drop his efforts 
to secure a major tax reform. 
Many Republicans have been 
grinring Increasingly disillu- 
sioned about the White House’s 
tax reform initiative. 

The House Ways and Means 
Comm ittee which has the con- 
stitutional right to originate tax 
bills. Has been redrafting the 
tax plan. In its efforts to forge 
the political alliances needed to 
secure House approval of the 
BQl, the committee has been 
forced to make concessions to 
particular interest groups, 
which have undermined the 
President's proclaimed goal of 
racking the tax code more 
simple, and eroded support for 
reform among right-wing Repub- 
licans who have seen many of 
their political goals com- 
promised. 

The continued uncertainty 
about the tax and budget out- 
look will be factors that will 
have to be taken into account 
by the Federal Reserve’s 
monetary policy-making Open 
Market Committee which meets 
today and tomorrow to chart 
the course of monetary policy 

The problems facing the 
economy are underlined today 
in a widely watched report 
issued by the National Associa- 
tion of Purchasing Managers. 

The report says that In 
October business maintained the 
improved level of production 
achieved in September, adding 
that Us composite index showed 
that the economy is expanding. 
But it suggests that production 
has not accelerated beyond the 
September level. 


CIA ‘acts against Gadaffi’ 

BY OUR WASHINGTON CORRESPONDENT 


President Ronald Reagan has 
authorised covert CIA opera- 
tions designed to disrupt Libyan 
leader Moaramar Gadaffi's 
involvement with international 
terrorism according to a front 
page report in yesterday’s 
Washington Post 
The report quoted informed 
Government sources as saying 
that the covert plan involved 
CXA assistance to countries in 
North Africa and the Middle 


East that opposed the Libyan 
leader. 

The report added that only 
a narrow majority of the mem- 
bers of the House and Senate 
intelligence committees sup- 
ports the covert action. It said 
that top Administration officials 
would like to see Mr Gadaffi 
overthrown but that the covert 
actios was - not aimed at 
assassinating btw». 


Guatemala 
hopes poll 

will herald 
new era 

By David Gardner in 
. Guatemala City 


GUATEMALANS went to the 

polls yesterday in a general 

election many hope will begin 
finally to close the bleak 
chapter of the last 30 years 
of military Or extreme right- 

wing rule. 

The election took place 
within a context of economic, 
fiscal and foreign exchange 
crisis with per capita growth 
expected to plummet for the 
fifth year running, and with 
the country’s 25-year-old left* 
wing insurgency showing 
renewed vigour in widening 
the scale and scope of its 
activities in recent months. 

Shrinking budget 

The insurgency is the 
second generation of armed 
opposition to the regime that 
emerged following the 1951 
CIA-organised coup against 
the reformist government of 
President Jacobo Arbenz. 
This struggle has left an esti- 
mated 109,000 dead and led 
to the militarisation of the 
country. 

Senior officers have came 
to own large enterprises and 
land holdings as well as run 
the economy; spending on 
the 30,000-trong army dom- 
inates a shrinking budget: 
and the country’s Mayan 
Indian majority has been 
pres ganged into the CtvU 
Defence Patrols (nearly 1m 
strong in a population of 8m) 
and herded into over 50 
“strategic hamlets,” lurin g 
tryside into an extended gar- 
rison. 

Polarisation 

The contest has been polar- 
ised between the centre right 
Christian Democrats of Sir 
Vlnido Cerezo and the self- 
styled National Union of the 
Centre of right-wing news, 
paper publisher Mr Jorge 
Carpio. 

These two had looked cer- 
tain to go on to a second 
round of voting on Novem- 
ber 8 from a field of eight- 
to the right, and eclipsing 
Guatemala’s most traditional 
party, the far-right National 
Liberation Movement led by 
veteran Mr JHario SudonL 


Pretoria curbs coverage of unrest 


BY ANTHONY ROBINSON IN JOHANNESBURG 


SOUTH AFRICA has prohibi- 
ted television, photographic 
and radio reporting of unrest 
Is areas covered by the state 
of emergency in a media damp- 
down aimed at curbing what 
Mr Louis le Grange Minister of 
Law and Order, called “the cat- 
alytic effect " of coverage of the 

violence. 

Although the electronic 
media is the main target, the 
restrictions wil also limit the 
reporting freedom of news- 
paper journalists who will have 
to seek " police assistance ” 
when reporting on township 
unrest the precise details of 
what this means still have to 
be experienced in operation 
but at the outset of violence 
over a year ago police co-oper- 
ation usually meant an offer to 
report from the back of a 
police armoured car at a time 
and place of their choosing. 

The Foreign Correspondents 
Association, which represents 
the bulk of the 172 officially 
accredited foreign correspon- 
dents here, condemned the 
latest measures as “a severe 
form of censorship.” It said: 
“ We view the ruling as the be- 
ginning of the slippery slide to- 
wards a controlled Press." 

The restrictions, which came 
into effect on Saturday night. 


Allegations by Mr Malcolm 
Fraser, the fanner Australian 
Prime Minister, that a Sooth 
African mining house had in- 
stalled a tear-gas system In 
black miners’ hostels were 
partially confirmed over the 
weekend by an Anglo Ameri- 
can official 

Mr Fraser, who is one of 
seven Commonwealth * emi- 
nent persons * expected to 
visit South Africa aa agreed 
by last month’s Common- 
wealth conference, alleged 
last week that a South African 
academic had told him about 
a system which would pomp 
disabling gas through mine 
ventilation shafts into work- 
ers’ quarters. 


The allegations were angrily 
denied by the Chamber of 
Mines, which represents the 
major mining houses. 

On Saturday, however, Mr 
Peter Gush, the chai rm a n of 
Anglo American's Western 
Deep Levels gold mine, con- 
firmed that a tearsmoke 
system had been installed In 
the liquor stores, hostel kit- 
chens and hostel administra- 
tion offices at the mine in 
2975 after serious inter-tribal 
Sighting which cost several 
lives. “ The system, which 
used conventional tearsmoke 
and was Introduced as a pre- 
caution to protect lives and 
property in the event of un- 
rest, has not been used since 
197S” he added. 


prohibit reporters from taking 
any film, photograph or sound 
recording of "any public dis- 
turbance (or person present at 
a public disturbance), dis- 
order, riot, public violence, 
strike or boycott or any dam- 
aging of any property, or any 
assault on or killing of any 
person ” without permission 
from the Commission of Police 
or person authorised by him. 

The ban on television, radio 


and photographic reporting al- 
so covers actions of members of 
the security forces and makes it 
an offence to publish, broad- 
cast or distribute any films, pic- 
tures or recordings of unrest. 

Only officially accredited 
journalists will be allowed to 
cover unrest. They will be 
obliged to seek the assistance 
of the police and wear their 
accreditation clearly at all 
times. 


Until now correspondents Of 
all media have been allowed to 
enter townships as eyewitnesses 
of the violence which, according 
to the latest unofficial figures 
from the South African Insti- 
tute of Race Relations, has cost 
834 lives since the beginning of 
September. 

Using standard journalistic 
practice correspondents have 
built up their own network of 
township contacts. Increasingly 
in recent weeks however the 
Governmeii, either directly or 
through leaks in sections of the 
local Press, has accused 
unnamed reporters of staging 
events and of stimulating 
violence. 

The Institute of Race Rela- 
tions analysis confirms that the 
death rate in political violence 
has declined sharply since the 
introduction of the state of 
emergency 

• Mr Nelson Mandela, the 67- 
year-old jailed leader of the 
banned African National Con- 
gress (ANC) was operated on 
yesterday for on enlarged pros- 
tate in a Cape Town hospital, 
Mr Ismail Ayob, the family 
lawyer confirmed yesterday. A 
statement issued after the 
operation said his condition was 
stable 


Mubarak attacks US on PLO 


BY TONY WALKER IN CAIRO 

PRESIDENT Hosni Mubarak of 
Egypt on the eve of a visit to 
Cairo by Mr Yassir Arafat, 
chairman of the Palestine 
Liberation Organisation, has 
denounced American and 
Israeli attempts to exclude the 
PLO from the Middle East peace 
process. 

Mr Mubarak used the occa- 
sion of a state banquet for 
President Zia-ul-Haq of Pakistan 
to reject US policy on the PLO. 
He said: " We reject all 
attempts to discard (the PLO) 
from efforts to reach a settle- 
ment, distort its image or 
minimise its role." 

Mr Arafat's planned visit to 
Cairo, effectively his first full- 
scale state visit to the Egyptian 
capital since he was here in 
November, 1977, shortly before 
late President Anwar Sadat 
flew to Jerusalem to make peace 
with Israel, may signal a new 
phase in relations between 
Egypt and the PLO. 

The PLO leader has visited 
Cairo several times since he was 
ousted from the northern 
Lebanese city of Tripoli in late 
1983 but his stays were brief 


and did not bave the status of a 
major diplomatic event. 

Mr Arafat, who has been in 
the Gulf over the weekend, is 
expected in Cairo early this 
week for a stay of about 72 
hours . The visit has important 
implications for Egypt, whose 
policy since the death of Mr 
Sadat has been to rebuild 
bridges to the Arab world. 

A high-level PLO delegation 
arrived in Cairo last week to 
prepare for the Arafat visit. 
One of the delegation’s apparent 
tasks was to calm Egyptian 
anger at the PLO’s behaviour 
in the Achille Laura affair, 
including reported criticism of 
Egypt’s role by Abu Iyad (Salah 
Khalaf), one of Mr Arafat's 
senior aides. 

Mr Mubarak, signalling a more 
aggressive diplomatic posture 
on the Arab-Israeli dispute, said 
in his banquet speech: “ There 
can be no comprehensive peace 
in the Middle East without con- 
vening an international peace 
conference with aQ parties, with 
the PLO at the forefront par- 
ticipating.” 

The US and Israel have been 


opposed to an international con- 
ference as a means of solving 
the Middle East conflict. Both 
have rejected dealings with the 
PLO. 

Mr Mubarak charged that un- 
named countries, but clearly 
referring to Israel and the US. 
were seeking to undermine the 
PLO. “ We hope that those who 
are embarking on these 
attempts understand before it 
is too late the grave con- 
sequences and the negative 
impacts resulting from pursuing 
this line.” 

Mr Ahmed Ahdel-Rahman, 
chief spokesman of the PLO, 
said yesterday Mr Arafat’s visit 
was aimed at “ strengthening " 
relations with Egypt which he 
described as the “key figure" 
in the Middle East 

Mr Ahdel-Rahman said the 
visit was also designed to 
“derail American attempts to 
exclude the PLO from the peace 
process and to damage its 
image.” 

The visit would be a “turn- 
ing point ” in relations between 
Egypt and the PLO. 


Gulf leaders 
convene sixth 
regional summit 

By Kathy Evans in Muscat 

THE SIXTH Gulf summit con- 
vened in Muscat yesterday with 
the customary luxury and 
pageantry which marks the 
meetings of the region's six 
ruling families. 

The summit is being held 
in the new Bustan Hotel, built 
at a cost of $220m (fl57m) or 
$850,000 a room. The royal 
suites are equipped with gold 
plated taps, room keys and 
beds measuring over seven foot 
wide. After the conference they 
will be closed and kept exclu- 
sively for visiting heads of state. 

As usual. King Fahd of Saudi 
Arabia is accompanied by his 
young grandson, Prince 
Mohammed, who is under 10. 
The young prince sat immedi- 
ately behind the King 
Economic affairs and the 
Organisation of Petroleum 
Exporting Countries are expec- 
ted to be among the subjects 
to be discussed in the summit, 
and there is speculation that 
the Gulf leaders will establish 
a joint insurance company and 
a bank. 


Gandhi 
returns 
to old 
school 

By Man! Deb In Debra Dun, Imfia 

MR RAJIV GANDHL the 
Indian Prime Minister, visited 
his old school yesterday and re- 
called wistfully the times he 
had spent walking along the 
foothills of the Himalayas and 
fishing in the streams. 

He was chief guest on the 
final day of the golden jubilee 
celebration of the Boon School 
at the town of Debra Dun, 150 
miles north of Delhi. 

Wearing a navy blue blazer 
with the school crest, the "lamp 
of knowledge” and flanked by 
a dozen bodyguards, including 
one with a sub machine-gun 
showing from under his coat 
tails. Mr Gandhi and the head- 
master walked briskly u> 
Kashmir House where he 
stayed while a student between 
1955 and i960. Later he ad- 
dressed the school and about 
5,000 guests and said the visit 
was “like coming home." He 
spoke of the way the school had 
helped him to develop his self- 
confidence and the special 
friendships that the school 
helped to cement. 

By undertaking the visit at 
great security risk and spending 
a whole day in the school he 
was underlining the unique tics 
that exist between the old boys 
of the Dood School. 

A year ago to the day he was 
lighting the funeral pyre of his 
mother, Mrs Indira Gandhi, 
who had been shot by extremist 
Sikhs. Mr Gandhi had brushed 
aside objections from some that 
the timing of the visit was 
wrong. “The golden jubilee 
celebrates 50 years of 
camaraderie and achievement," 
he said. 

His visit illustrates the strong 
links the old boys of the Boon 
School retain through an Old 
Boys* Society nicknamed 
Doscos. Detractors refer to the 
Do sco mafia. 

Later in the evening Mr 
Gandhi met a group of 22 
Doscos from Pakistan visiting 
the school for the first time 
since the partitioning of India 
in 1947. 

The Boon School was founded 
by an eminent barrister, Mr 
Satish Ranjan Das and member 
of the Viceroy’s Executive Coun- 
cil. It was modelled on the 
English public school system 
but modified to accommodate 
the Indian culture. At Doon 
School the boys learnt that 
polishing one’s shoes and doing 
manual work was not demean- 
ing. 



JMGIOTM9379 


From October 29th, Thai will take you by DC-10 to the land of the Pharaohs. Our new twice-weekly flights, via Muscat, 

depart fiom Bangkok eveiy Tuesday and Friday at 2330. And flyout of Cairo to Bangkok each'V&fednesday and Saturday - 

So now you can visit one of die oldest dv&zations on earth with one of the most civilized airlines in the sky lfHXI 

across five continents. 



% 










JL I 


>1 


Financial Times Monday November. 4 19& 


This advcni««ncnti* published by Hill Samuel & Co. Limited on behalf of Elders DCL Limned CELier*") and KL. The Directors of Elders and IXL are the persons responsible 
for the infonmuoa ooauined in this advertisement. lb the beat of their knowledge md belief (having taken all reasonable cate Do ensure that such is the case) the inftnutioa cooniflrf 
in this advertisement is m accordance with Ac £uu. The Directors of E3den and KL accept responsibility accordingly. 


ALLIED-IYONS SHARE PERFORMANCE 
RELATIVE TO THE FT-ACTUARIES ’ 
ALL-SHARE INDEX * 


{22nd October 1982} 




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• 22nd February 

* The day the 
first shares in 
Eiders’ stake 
were purchased. 



Who dojou think has tipped the 

balance for Allied shares? 


ALLIED-LYONS. 

LOOK AT BOTH SIDES. THEN DECIDE 







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V 


Ftoancial Times Monday November 4 1985 

UK and France hit 
snags in talks on 
China N-power plant 


M COUNA MacDOUGALL AND ROBERT THOMSON IN PEKING 

BRITISH and French negotia- 
tors are still far from agreeing 
to the discounted prices rhma 


is demanding for a $4bn 
(£2.86bn) nuclear power plant 
in southern China. 

Zheng Tuobin, Chinese Minis- 
ter of Foreign Economic Re la* 
turns a and Trade, told the 
Financial Times at the weekend 
that the difference between 
China’s asking price and the 
offers for turbines from 
Britain’s GEC and nuclear 
reactors from Framatome of 
France is still more than 15 per 
cent 

Chinese officials confirmed 
that GEC has been asked for a 
discount of 25 per cent and 
Framatome has been asked for 
a cut of 20 per cent British 
negotiators, including govern- 
ment officials, have returned 
home in what has been officially 
termed a “ pause H in talks, 
while French sources confirm 
that Framatome will continue 
discussions into this week. 

“"We are still hoping that 
agreement will be reached,” 
Zheng said. 

Officials of Guangdong 
Nuclear, whteh is overseeing 
the Chinese side of negotiations 
for the 1£00 Mw plant at Daya 
Bay in Guangdong Province, 
reportedly said- that unless 
agreement was reached during 


this round of talks, the rhin«»y» 
would consider offers from 
other companies, 

China has already bad con- 
tact on possible nuclear 
cooperation with West Ger- 
many's Kraftwerk Union, 
General Electric and Westing- 
house of the ttSL, Canada’s AEG. 
and JTF, a Japanese nuclear 
group. 

However, Zheng said, 
is still hoping for agreement 
with the British and French as 
M it is better not to adopt the 
practice of inteniatian&l 
bidding.” 

The Chinese had hoped to 
complete the plant by 1991, but 
they consider it unlikely that 
the target date will be met. 

They are also understood to 
have revised the cost of the 
plant above the original 94bn. 

But Chinese officials have 
indicated that they are not 
pressured by time in the nego- 
tiations, which they consider to 
be open-ended and will make no 
special price concessions. 

Chen Zhaobo, the vice mini- 
ster of nuclear industry, said 
China is reviewing its nuclear 
energy programme, which had 
aimed to have 10 plants with a 
total generating capacity of 
10,000 Mw, constructed by the 
end of the century. 


Assault on maritime 
fraud launched 

BY WILLIAM DULLFORCE IN GENEYA 


THE FIRST steps have been 
taken at government level to 
combat marl time fraud. The 
crime leads . to heavy financial 
losses for developing countries 
and Middle East all producers. 

An intergovernmental group 
meeting in Geneva has commis- 
sioned the secretariat of the 
United Nations Conference on 
Trade And Development to 
draw np proposals for improv- 
ing the information on inter- 
national shipping available 
worldwide. 

Hie secretariat will also 
examine the . possibility of re- 
placing bills of lading by sea 
waybills and suggest m in i m u m 
standards for shipping agents. 

The ’International Maritime 
Bureau calculated that the 
sums involved in 103 fraud 
cases it investigated in 1984 
amounted to (£l87m). 

It estimated that altogether 
losses totalling 9L5bn could 
probabbrbe attributed to mari- 
time fraud in that year. 

The fraud frequently in- 
volves the misuse of commer- 
cial contracts and documents 


and sometimes forgery. In 
devdopk^f countries it is 
aggravated by the inexperience 
of buyers and agents and their 
lack of access to information 
about shipping. 

: The intergovernmental 

group’s decision to call on the 
Unctad secretariat to propose 
ways of improving information 
fafte short of the plan for the 
establishment of an inter- 
national ship information reg- 
istry sought by tiie developing 
countries. 

A registry, organised as a 
world data bank for the use of 
the shipping community as a 
whole, would provide quick 
checks on ships, owners and 
financial performances, the 
developing countries claimed. 
The information available at 
present Is scattered among 
several competing private 
organisations. 

The 1 .industrial countries 
queried -the cost/ben efit advan- 
tages of a registry and 
suggested that confidential 
information would not be 
supplied to a data bank with 
on-line access. 


SHIPPING REPORT 

Gulf business provides 
fillip for tankers 

BY ANDREW FBHER, SHIPPING CORRESPONDENT 


SHIPPING MARKETS were 
quiet last week, though signs 
emerged of greater strength in 
the tanker sector and Canard 
provided some activity in 
second-hand trading by selling 
its last sir refrigerated con- 
tainer ships. • 

According to E. A- Gibson 
Shipbrokers, there has been 
business for tankers of all sizes 
in the Gulf and only around 12 
VLCCs and ULCCs (very large 
and ultra large crude carriers) 
are available there up to mid- 
November. 

Another 12 or so.are expected 
in the second half of the 
month. If more owners send 
ships to the Gulf — at least one 
VLCC came out of its layup 
berth — the rising rate trend 
eould be threatened, Gibson 
said. 

One ULCC of 340,000 tons 
received Worldscale 26 for a 
voyage to the West, slightly 
higher than recent levels. Open 
market inquiry seemed less 
than last week, but Gibson 
noted: “A considerable number 


of vessels obtained employ 
ment, many at undisclosed 
terms, indicating a greater 
underlying strength to the 
market than appears on the 
surface." 

The loosening by the Organi- 
sation of Petroleum Exporting 
Countries. (Opec) of pricing and 
output restrictions bad stimu- 
lated greater buying of oil. 
Gibson said. 

The dry cargo sector was flat 
The grain rate from the U.S. 
Gulf to Japan showed no 
change at around 113.50 (£9.40) 
a ton. but rates for coal across 
the Atlantic to Rotterdam and 
Dunkirk eased respectively to 
$4J25 and $4.50, said Denholm 
Coates. 

The sale of the Cunard reefer 
ships took place at the end 
of the weds, with the sax 
'vessels going for around 99m 
to a London-based Greek 
company, Cappa Maritime. Cun- 
ard, spending £80m on re- 
engining the QE2, is now 
maily a container and cruise 
ship operator. 


World Economic Indicators 


UNEMPLOYMENT 
Oct 85 ScpttS 



WORLD TRADE NEWS 


Fully equipped Business Centre 

with secretarial savior; facsimile 24-hour 


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Ideally located. • 

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Indian gas 
pipeline 
attracts 
four bidders 

n 

By John Elliott in New Delhi. J 

A JAPANESE-FRENCH con- 
sortium led by Sple-Caing of 
France has submitted the 
lowest of four bids at about 
9600m (£42Sm) to construct a 
1.700km natural gas pipeline 
diagonally across Tnrf ' a from 
Hari ra on the west coast near 
Bombay to Jagadisfapur in the 
north near the border with 
Nepal. 

The Japanese-French con- 
sorthzzn. which includes NKK 
and Toyo engineering of 
Japan, will face stiff compe- 
tition from an Indo-Italian 
consortium led by Snazuprogetti 
of Milan which is well estab- 
lished in Tratia 
Snaznprogetil has priced the 
work at 9690m but is offering to 
Speed two-thirds of the price 
on good s and labour with Indian 
partners including Dodsal of 
Bombay. 

A third consortium — led by 
Nova Corporation International 
Consultants of Canada and in- 
cluding Majestic Contractors of 
Canada, Entrepose of France 
and Birla Engineering of India 
— has put in the highest bid at 
9860m. 

The fourth bidder is Condux 
<xf Mexico which also includes 
Hyundi of Korea, Brown and 
Root Engineering of the US 
and Essar of Bombay. Its price 
is believed to be 3625m. 


Michael Donne reports that policies leading to cheaper fares are far from accepted 

European airlines differ over ‘freedom to fly’ 


THE GULF between the major 
airlines in Western Europe on 
fixture 70 trees for cheaper fares 
aim grater freedom to fly 
■/ejaaifis ’as. wide as ever after 
l*£sx' l wedk*s annnal meeting of 
the. International Air Transport 
Association is Hamburg. 

It is dear that the UK still 
has a long, tough fight ahead 
to achieve the liberalisation it 
wants. 

Both British Airways and 
British Caledonian Airways 
made it clear at Hamburg that 
they were strongly in favour of 
cheaper fares. They both sup- 
port strongly the UK Govern- 
ment's approach of seeking bi- 
lateral air agreements involving 
“ double disapproval " — that is. 
where a cheap fare put forward 
by an airline can only be pre- 
vented if both the governments 
involved reject It. In practice 
this is rare. 

Both BA and BCal made it 
clear that the alternative “fares 
zoning" scheme devised by the 
IATA and supported by the 
Association of European Air- 
lines (AEA). providing for 
cheaper “ discount ” and “ deep 
discount n rates below the 
normal economy fare, does not 
go anywhere far enough to 
meet the UK Government’s 
views and the UK airlines’ 
aspirations. 

Mr Colin Marshall, chief 
executive of BA, said many of 
BA’s existing cheap fares 
already were below the levels 
of discount and deep discount 
envisaged in the IATA/ AEA 



British Airways and 
'^British Caledonian say 
IATA’s “fare zoning” 
scheme, providing for 
-- cheaper discount rates, 
does not go far enough to 
meet the UK airlines’ 
aspirations. Mr Col»n 
Marshall (left), BA’s 
chief executive, says 
many of BA’s cheap fares 
are already below the 
discount levels envisaged 
in the scheme. 


scheme. The earlier airline dis- 
cussions of the AEA in Brussels 
were ** frustra ting ” and the 
resulting zoning scheme was 
“ far less radical than had been 
hoped.** 

The decision by the AEA air- 
lines in Brussels to adopt the 
fares zoning scheme, he said, 
had been by a majority vote. 
Of 18 airlines present. BA, BCal, 
KI.1M. Aer Lingua. Swissair and 
Finnair had voted against BA 
had been unable to persuade 
the other airlines of the need 
for increased liberalisation and 
cheaper fares. 

BCal, in a direct intervention 
on the floor of the IATA 
meeting in Hamburg, went 
further. Mr Alastair Pugh, 
executive vice-chairman of the 


Caledonian Aviation Group, 
said the IATA/ AEA proposals 
were too limited to satisfy 
BCal's requirements. 

“Furthermore, it is crystal 
clear that the zone proposals 
will prove unacceptable to the 
European Commission, and we, 
therefore, risk the imposition 
of their rules, not ours,’’ be 
said. The EEC is trying to 
bring air transport under the 
aegis of the Treaty of Rome 
and Its competition rules. 

Mr Pugh argued that if IATA 
is “ seriously committed to 
supporting flexibility in pric- 
ing,” the European fares 
scheme that is advocated 
“ should obviously be broad 
enough in scope to accommo- 
date a flexible pricing system 


that is already in the market” 
Mr Pugh was alluding to BCal's 
own Time Flyer cheap fares 
scheme already in use on the 
UK-Dutch and UK-Belgian 
rentes, and also from London 
to Frankfurt, though not in the 
opposite direction. 

BCal urged that the IATA/ 
AEA proposals on fares zoning 
should be referred back to the 
IATA executive committee for 
further review, “so that the 
required additional flexibility 
can be introduced.” 

Whether this flexibility can 
be achieved remains to be seen. 
It was stressed privately in 
Hamburg by several airline 
presidents that the IATA/ AEA 
proposals were as far as they 
were prepared to go at this 
stage. 

Those airline chiefs genuinely 
believed that the zoning 
scheme represented an advance, 
while the UK's own ideas were 
regarded as so revolutionary as 
to be unacceptable even 10 
some who favoured cheaper 
fares and liberalisation. 

It was pointed out that some 
of the smaller countries in 
Europe had less immediately 
exploitable air transport and 
tourist potential. For these, 
the UK's proposals, designed 
for larger markets, were 
unsuitable. 

The IATA/AEA proposals 
still have to be studied by 
European governments and the 
EEC. although the l&ter has 
already poured public scorn 
upon them as being inadequate. 


while the UK also regards 
them as second-best. 

The next major forum for 
discussion seems likely to be 
tile meeting of the EEC trans- 
port ministers in Brussels in 
mid-November. At this the UK’s 
arguments for change will prob- 
ably be supported by the 
Netherlands, Belgium and 
Luxembourg, with whom It has 
the most liberal bilateral air 
agreements. 

There are two other ways in 
which the UK will continue to 
pursue Its objectives. One is 
through the European Civil 
Aviation Conference. ECAC 
brings together to discuss avia- 
tion affairs over a score of 
countries throughout Europe. 

The other is the direct 
approach through bilateral 
negotiations with foreign 
governments, which has been 
tbe most successful method so 
far. Highly satisfactory pacts 
have been agreed with the 
Netherlands, Belgium and 
Luxembourg and a less far- 
reaching deal has been made 
with West Germany. 

Talks with the Swedish 
aviation authorities get under 
way this month, 

The more the UK is success- 
ful in picking off these Euro- 
pean countries one by one, the 
more likely it will be that the 
IATA/AEA proposals will 
eventually founder. Even so. 
it is recognised by both the 
Department of Transport and 
the UK airlines that the road 
ahead is still a long one. 



Faced with rising costs of drying berets, hats 
.and yam by an oil-fired process, 
KangplWfearUmited called 
■ Derek Bond, Industrial Sales 
fc - Engineer at N0RWEB, for 
J advice. He was confident that 
/electricity could help. And he- 
was right 

Derek arranged fortrials which 
showed that heat pump dehumidifiers 
could reduce costs as well as halve 
j process times. 

In faetthe Kangol figures looked as 
good as their hats: an impressive 70% cut 
in energy costs whether drying berets or 
basicyams. 

It was just one of several thousand projects 
tackled by Electricity Board Industrial Sales 
Engineers during the last year. 

They could help your company in many ways: 
cutting energy and operating costs; improving product 
quality; boosting production; creating better working 
conditions. And they’re backed by the R&D facilities 
of the Electricity Supply Industry. 



■>. 


y<> 



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KV - /' ‘a.* »V' /v/. .♦ * ' *** * i 





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If past results are anything to go by, there are very few 
companies indeed who can’t benefit from the many 
electrical techniques available. 

Fill in the coupon for more information orcontact-your- 
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electricity doesn’t cut 
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TorSectridty Publications, P0Box2, FeHham, Middlesex TW14 0TG. 

□ Please seQ^e^gg^^rmation on ISE Service. 

□ Please anaqfipjofeaa ISKto contact me. 


Name 



Position 


Company 

* ’ 


Address 

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Postcode 

Telephone 


T 


The EJedric^ Coon c3,Engbnd and Wstes 


The energy-efficient switch. 


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A T7D V SSL?3 


V 




Notice of Redemption 


Transamerica Overseas Finance Corporation N.V. 

8%% Guaranteed Sinking Fund Debentures Due 1986 


NOTICE IS HEREBY GIVEN that, pursuant to the provisions of die Fis cal A gency 
Agreement daw*! as of December 1,1971, under which the above-designated Debentures are 
issued, 51.876,000 aggregate principal amount of such Debentures of trie following distinctive 
numbers have been selected for redemption on December 1, 1985 at the redemptio n price of 
100 percent of the principal amount thereof, plus accrued interest to the date of redemption. 
On or after the redemption date, interest on such Debentures will cease to accrue. 

SI .000 COUPON DEBENTURES 


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901 3I3S 6698 7554 8659 9360 10091 

915 3139 6668 7555 8663 9363 ‘ 10083 

917 3X4U 6673 7559 8807 9306 10096 

921 3143 6791 7501 8674 9616 10097 

922 3146 6796 7607 NS75 9517 10099 

927 3160 6803 7609 8678 9518 10100 

929 315 1 6804 7513 ”691 9521 10104 

9SM 3163 6806 7617 8693 9524 10109 

912 3159 8811 7818 8697 96=5 11)111 

924 3105 8816 7620 8703 9529 10113 

935 :il68 6819 7624 K7IM 9630 10114 

936 3176 8824 7*» 87U5 9634 10115 

939 3177 6825 7645 8708 9636 10116 

940 3180 6826 7648 8707 9537 10126 

946 11B1 8829 7832 8710 9540 10130 

982 3278 6830 7833 8716 9804 10140 

984 :C80 6632 7X35 8718 9686 10148 

987 3231 68X1 7838 8720 9687 10156 

98 8 3283 6834 7841 8724 9608 10167 

989 XM4 6835 7843 8725 9675 10158 

991) 3385 6853 7851) 8727 9762 10159 

992 3318 6864 7804 8728 9763 10180 

995 3319 8856 7856 8729 9764 101UI 

998 SEE! 6858 7863 8730 9765 1UIK1 

11)60 3334 6892 7866 8748 9766 10168 

JOOl 3337 6895 7868 8749 9770 10172 

1005 3338 6897 HWC! 8750 9614 10173 

1013 3340 6898 8034 8751 9815 10176 

1017 3343 6899 8035 8752 9835 10183 

1018 3344 6804 MUG 8753 9836 10184 

1020 3346 6911 8054 8754 9837 10185 

1073 3347 6812 »055 8762 9640 10190 

1079 3349 6913 8062 8771 9843 10192 

1091) 3350 8914 8063 8772 9845 10193 


0195 10658 ISnOO 1.7221 1:1753 14683 1505K 18266 19681 

0200 10661 1218)7 13222 13754 146*4 15060 1 8389 19686 

0303 10673 12012 13221 13761 14687 15061 18272 19691 

1 121 15 10674 12016 13226 73763 14688 15062 18373 19093 

0206 10675 12117 1:1227 13764 14889 J.5063 ««*■ 19693 

0209 10078 12124 13228 13766 14091 I&0B4 18S80 19695 

0210 10680 12128 132:11 137H7 14697 15085 H CW3 19097 

0213 10681 12133 13235 13768 14700 15068 VOSS 19696 

0216 10081 13114 13241 11709 14701 15074 VOHS 19700 

0218 10684 12135 1.124:1 14024 14703 15075 1*380 1 9701 

0219 10688 12136 11244 141)54 14704 15079 1*486 19703 

0229 10692 12336 13246 140G6 14708 15081 1*487 19705 

0238 10690 12418 13246 14058 14712 150K2 18489 19706 

0239 10697 13421 13347 14062 14713 15084 18843 1970ft 

0241 10698 12452 13248 1406:1 14714 15080 1 9300 19709 

0242 10699 12512 13250 1406? 14718 15087 19202 19710 

0245 10700 12514 1:1251 14068 14724 1SU88 19203 19712 

0248 10701 12516 13362 14070 14734 150*9 19304 19717 

0249 10702 12517 13251 141172 14736 16257 19211 19718 

0250 10701 US 19 1.1254 14073 14737 15568 19214 1 9719 

0253 10705 12520 1.1255 14074 14742 15571 19215 19720 

0257 11)706 12521 13250 14075 14744 155T2 19217 19721 

0264 10716 12634 11207 14101 14745 15B74 19218 19733 

R365 10824 125:10 13260 14109 14746 15&75 19321 197*4 

0287 10858 1=531 1.1262 14111 14747 15676 19825 19741 

0288 10860 12567 1 3265 14114 14760 15578 19229 19743 

0277 .10861 12S71 13272 14115 14761 15679 19230 19746 

0279 10908 12575 13=73 14116 14762 155*1 19231 19749 

0281 10915 12577 13274 14117 14763 105«! 19M3 19757 

0282 11038 12578 13279 14119 14764 15586 19234 19759 

02*4 11089 12593 11280 14122 14767 155*7 19237 19760 

0296 1 1042 12504 1,12*1 14121 14769 15HX1 19299 U70S 

(HOO 11044 12598 13287 14126 14772 155*4 19241 19763 

I3)>1 11047 12587 13388 14127 14773 15595 19242 197W7 

0302 11050 12602 13291 14128 .14774 15598 19245 1976* 

0304 11053 12904 13293 14130 14775 15597 19248 19779 

030fi 1 1055 12605 KPMO 14135 14776-16000 19247 19780 

0310 11056 12600 13304 14141 147*0 15602.19256 197*2 

0311 11060 12619 13308 14148 147*4 16478 19=59 197*3 

0312 11063 12022 1331 1 14182 M7M 16479 19=00 19785 

0320 11063 12623 13317 14 184 14790 16480 19277 19794 

0326 11716 12626 13326 14187 14791 16832 19280 19795 

0328 11718 12641 11328 14188 14794 16639 19B82 19796 

<W=8 11719 12642 13329 14189 14795 16642 19288 19799 

0330 1172* 12643 V.S332 14192 14803 16646 19=92 19802 

SCKJ 1 1730 12644 13342 14191 14804 10647 19293 19*05 

0WCJ 11734 1=845 13:14.1 14195 14810 16653 19300 19812 

a CM 11736 12846 13350 14 196 14815 16654 19303. 19613 

UG16 11741 12647 13356 14197 14819 16655 19306 19816 

0517 11743 12849 13*59 14199 14820 16666 19307 19818 

0518 11745 12682 13360 14201 14860 16657 19308 19830 

0019 11747 12883 13381 14203 14862 16658 19309 19835 

A20 11748 12688 .13362 142UG 14883 16682 19313 19836 

0521 11749 12691 13363 14210 14864 16685 19314 19837 

0522 11750 1209* 13366 14213 14874 18711 -19315 19838 

0523 11751 12700 133*0 14218 14876 16714 19320 19839 

0027 11752 127ft-' 1:«8B 14219 14877 16715 19345 19*41 

U531 11754- 12706 133*7 14*41 14878 16716 39*49 19642 

05*2 11755 127DH 1X191 14528 14882 16717 19350 19846 

1533 11756 127 1 U 13409 14532 14885 16718 39353 19649 

0534 11757 12713 13410 14538 14886 16719 19354 19850 

0535 11758 12714 13412 14540 14887 16721 19361 19866 

05116 11T5S 12715 13413 14541 14*88 16726 1KW2 19857 

*37 11760 12719 1.1460 14543 14896 1672* 19370 XSMG8 

oam 11761 127:14 11459 14544 14900 1G7S9 19=71 19859 

0540 11766 12738 13463 14546 14904 18731 19172 19860 

0541 11767 12737 11464 14547 14905 16733 19376 19*63 

0542 11774 12741 13465 14549 14906 16734 19377 19*64 

0544 11779 12746 13466 14551 14907 16736 19378 19865 

0546 117*1 12758 13467 14553 14912 16737 19380 19*67 

0&50 11782 12756 13473 14555 J4913 16738 19432 19*68 

055* 117*3 127*0 13475 14556 14921 16739 19433 19*69 

0560 117*4 12772 13478 14557 14922 16740 19442 19*71 

0561 117*9 1=818 13479 14866 14924 16741 19444 19872 

0563 11790 12819 114*1' 14572 14925 16742 19449 19873 

0504 11791 12*21 13482 1457B 14926 17370 19450 19*78 

0605 11795 12824 13483 14577 14927 17371 19452 19879 

0567 11801 12825 134*4 14578 14932 17374 19453 IWUtt 

0569 11810 128G6 134*8 14583 14933 17275 19454 19*91 

0570 11811 1=880 13487 14584 14934 17377 19467 19894 

0571 11812 12831 13509 14586 14936 17379 19458 19900 

0672 11813 12832 1351 1 14588 14937 17380 19460 19002 

0573 11919 12*33 11516 14597' 14938 17384 19461' 19905 

06*1 11920 1=852 13517 14604 14919 17461 19462 1991)7 

0583 11921 12853 1.1518 1 4610 14940 17462 19464- I990K 

0584 1 1927 12*54 13521 14611 14942 17463 19466 19910 

0588 11928 12*66 13S24 14617 14943 17466 19467 19911 

0592 11930 U&C7 13&2& 14620 14945 17472 1M68 19913 

0594 11931 1285* 1:1526 14&23 14946 17471 IM83 19914 

0095 11932 liW3 13527 14631 14950 17474 194*9 19915 

0596 11938 12863 135=8 14633 14954 17475 19490 19935 

0602 11940 12867 13529 14634 14960 17476 19492 19939 

0*09 11941 12870 133-10 14*05 14962 17477 19491 19941 

0612 11942 12880 11531 14635 14968 17478 19494 19955 

0613 11943 12886 13512 14637 14971 175.19 19495 19856 

0614 11944 12900 i:i&33 14638 14972 17992 19497-19957 

0615 11946 12908 UI&.14 14639 14974 17993 19498 1996ft 

0618 11951 12911 13538 14640 14978 17996 19499 19973 

0620 11952 12921 13542 14642 14982 17996 19502 19977 

0621 11953 12924 13543 1464.1 14985 17998 19503 19981 

0622 11954 12925 13544 14644 14992 17999 19604 199*2 

0625 11956 12926 13545 14646 14993 18118 19505 19983 

M27 11969 12931 11546 14646 14905' 1*120 19506 199*7 

0835 11962 12912 13553 14855 14997 18121 I960* 2UOOO 

0636 1 1965 1=913 13560 14658 15000 18122 19510 20011 

0837 11966 12KB I3GG4 14660 15002 18123 19571 20012 

0S» 11967 i:nilf> 13588 14663 15012 16124 19574 

0540 11970 13014 135*9 14665 15020 1*130 19593 

0641 11973 13015 13705 14666 15026 18134 19594 

0643 11978 11016 137U7 14670 15031 18135 19655 

0646 11995 1302* 1-1711* 14672 15033 18136 19657 

0647 11906 13032 13711 14673 15034 1*138 1965* 

0649 11907 lWWi 11713 14674 15036 1*139 19*59 

0650 12000 13034 13715 14677 15018 1*140 19662 

0651 12001 13035 13735 1467B 15046 182*3 19663 

0653 12003 13067 13736 14079 15041 18244 190*7 

0654 12004 13069 13738 14600 15051 1*257 19669 

0656 12005 13070 13739 146*2 15057 18201 19680 


The Debentures specified above are to be redeemed for the Sinking Fund at the Corporate 
Trust Office of Ci tib a nk , NA, 111 Wal Street, Corporate Trust Service*, 5th Floor, in the 
Borough of Manhattan, the City of New York or, subject to any laws and regulations applicable 
thereto, at die main offices of Citibank, NA in London (Gtib&nk House) and FrankfuH/Main, 
the main office of Amsterdam-Rotterdam Bank. N.V. in Amsterdam, the main office of 
Soriete Generate de Banque SA. in Brussels, the main office, of Banca d' America e dltalia 
in Milan, the main offices of Banque de Paris et des Pays-Bas and Compagnie £urop£enne de 
Banque in Paris, and the main office of Banque de Paris et des Pays-Bas pour Ie Grande Duche 


de Luxembourg in Luxembourg. Payments by offices outside New York City will be made by a 
United States dollar check drawn on a bank in New York Gty or by a transfer to a United States 
dollar account maintained by the payee with a bank in New York City, on December 2, 1985. 
Payment of the redemp ti on price will be made upon presentation and surrender of such Debentures 
with all coupons appertaining thereto maturing oner the date fixed for redemption. 

Coupons due December 1, 1985 should be detached and presented for payment in the usual 


November 4, 1985 


For TRANSAMERICA OVERSEAS FINANCE CORPORATION N.V. 

By; CITIBANK, NJV. 
Fiscal Agent 


Withholding of 20% of gross redemption proceeds may be required by the Interest and Dividend 
Tax Compliance Act of 1983 unless the Paying Agent has the correct tax identification number 
(social security or employer identification number) of the Payee. Please furnish a properly 
completed Fonn W-9 or equivalent when presenting your securities. 


MAKE YOUR 



The technological back-up services, financial help and modern 
premises available in Birmingham are encouraging new companies 
to spring up and entrepreneurs to move in. 

Because whatever you make, you can make it big in Birmingham. 
Start engineering a better future for your company now. 


Tele phone: 021-235 2222 

Birmingham 




TH E B U S I-N-E S S CITY 


L 


City of Birmingham Economic Development Unit. Congreve House. 3 Congreve Passage, Birmingham B3 3DA 


Financial Times Monday November 4 1985 


UK NEWS 



Tax-cuts pressure on N-plant city rules 

MT wMAur AAirnt 


BY MAX WILKINSON, RESOURCES EDITOR 


THE ELECTRICITY industry is un- 
der strong pre ssu re to defer its 
plans to build a new nuclear power 
plant at SizeweD. Suffolk, to help 
make roam for tax cats before the 
next election. 

The Treasury has told the indus- 
try it wants an extra £300m in capi- 
tal repayments this year, which 
represents an increase of about 25 
per cent on the repayments previ- 
ously envisaged. 

Ministers have now agreed that 
electricity prices - and gas prices - 
should not be forced up much faster 
than the rate of inflation. This will 
limit rises to around 5 per cent next 
year. To meet Treasury’s demand, 
some extra source of cash will need 


tx> be found. 

The Treasury has claimed that in- 
creased efficiency could push up 
the electricity industry’s surplus. 
However, this has been disputed by 
the industry, and (he argument has 
now shifted to the phasing of Its 
capital inv estmen t programme. 

The c ontrov ersial SazeweU pro- 
ject, which the Central Electricity 
Generating Board would like to get 
moving in the next financial year, is 
the largest single item of capital 
investment 

However, this depends on the 
outcome of the public inquiry under 
Sir Frank LayOeld, who seems to 
be same way from finishing his fi- 
nal report 


Even when his report is available, 
ministers will be freed with a diffi- 
cult political choice: a decision in fa- 
vour of a pressure water nudear 
reactor at SizeweQ would revive 
strong interest among protest and 
environmental groups. As one offi- 
cial remarked last week: “There are 
no votes in SizewelL" 

Ministers are therefore under a 
strong temptation to defer the pro- 
ject and to make the cash available 
for tax cuts in the 1988 and 1987 
budgets. 

Technically, the Treasury can 
argue that there is do direct link be- 
tween the cost of Sizewell and the 
room for tax cuts. This is because 
the planning total for all public 


spending has already been fixed at 
£L39bn for next year (1986-87). 

Even though the overall planning 
total far 1388 is not in doubt, a high- 
er contribution from the electricity 
industry would leave Mr Nigel Lone- 
son. the Chancellor of the Exche- 
quer, with a larger contingency re- 
serve. This would enable him to be 
more generous in his assessment of 
the room for tax cuts. 

Ministers are also giving thought 
to the contribution which British , 
Gas (an make to the Exchequer be- 
fore the next election. 

The price from the planned flota- 
tion of British Gas next autumn will 
be closely related to the scope for 
future price increases. 


may cover 
Lloyd’s 


operations 


By John Moore, City Editor 


Port employers put up redundancy deal 


BY DAVID THOMAS, LABOUR STAFF 


THE PORT employers have made 
an nnnsiqd agreement with Crusad- 
er Insurance, under which Crusad- 
er will offs' dockers opting for vo- 
luntary redundancy an annuity in- 
come if they commute part of their 
redundancy hung sum. 

Many employers advise workers 
on how to invest redundancy pay- 
ments, but it is unusual for a large 
employer to contract out to a specif- 
ic insurance company the respon- 
sibility of o fferin g a financial pack- 
age to its redundant workers. 

The National Association of Fort 
Employers (NAPE) took this ap- 
proach partly to try to ensure that 
redundant dockers have an ade- 
quate income. 

Mr Nick Finney, NAPE director, 


said: “One of the worries of a man 
leaving the industry is how he can 
get a decent income." In the past, 
some people had gone out and 
“blown" the lump sum. 

The port employees approached 
about 1QQ insurance companies of 
which 30 expressed an interest 

Crusader has guaranteed detailed 
annuity rates to dockers entering 
into contracts with it before the end 
of next January. 

After that. NAPE wffl again ask 
insurance companies to bid for the 
chance to provide an industry-wide 
scheme. This is likely to be repeat- 
ed every few months. 

“Provided we are confident the 
company is reputable, we wil] go for 


Report lists problems 
facing state arms group 


BY LYNTON McLAIN 


THE PRIVATISATION of Royal 
Ordnance, foe state arms and muni- 
tions company, win not be possible 
until foe many problems faring foe 
company have been clarified, ac- 
cording to a report from Coopers & 
Lybrand, chartered accountants. 

The problems include uncertainty 
over government decisions on 
strategic defence capacity in RO af- 
ter it is sold to foe private sector. 
RO is foe main source of munitions 
for the UK armed forces. 

The Government wants to seS foe 
company with a flotation of shares 
in June, in bet w eeu foe sales erf 
British Airways and British Gas. 
Stockbrokers suggest that RO 
would raise between £190m and 
£220m. 

There are many problems to be 
tackled in the run up to privatisa- 
tion. It will not be possible to re- 
solve all the issues we have com- 
mented on in this report The direc- 
tors will, however, need to satisfy 
potential investors that progress is 


being made," says the report 
RO is confident foe shares Issue 


will be a success. Mr Biyan Basset 

rVum-mwn. bc B OVOS fo* rarnpan y 
has immense potential and is deter- 

minri Thai many of foe rimng ws 

needed will be made by June. 

The management is already tack- 
ling some of its problems, especially 
in management organisation apd 
the search for export markets. 
Head office staff will be cut from 
210 people to about 30 people by 
late next year. 

RO is urged by foe report to clari- 
fy foe Ministry of Defence's plans ' 
for government orders for foe ord- 
nance factories. 

RO is required by foe Govern- j 
mentto become a fully commercial ■ 
company ahead of privatisation. 
The co mp a n y is prepared to cut ca- 
pacity to nifttoh foreseen demand 
unless there is an agreement with 
the minis try on foe strategic value 
of its factories. 

Redundancies are inevitable if 
capacity is cut. This could leave the 
UK with no strategic surplus opac- 
ity for extra munitions and vehicles 
in war* , ‘""». 


CBI seeks support for 
manufacturing sector 


BY JOHN LLOYD, INDUSTRIAL EDITOR 


BUSINESS wants foe Government 
to be mare involved in the job of im- 
proving its competitiveness, accord- 
ing to resolutions tabled for the 
Confederation of British Industry’s 
annual conference in Harrogate in 
two weeks. 

Of the 16 motions selected for de- 
bate, three call for more support 
for, or recognition of, manufactur- 
ing industry - a sign of the concern 
over its decline which has already 
been expressed by the employer^ 
group. 

One of the motions significantly 
put up by the West Midlands Re- 
gional Council "urges industry 
jointly with government to develop 
a strategic framework for strengths 
ening foe worldwide competitive- 
ness of British companies.* 

The CBTs tong-term concern to 
raise infrastructure spending is re- 
flected in a motion calling for high- 
er expenditure which "should t*k e 
place even if it means an increase 
in total government expenditure.” 

Interest rates, another CBI chest- 
nut, are invoked In a motion from 
the Economic and Financial Policy 
Committee which darns the rates 
are "damaging industry by dto- 
ccwaging investment and pushing 
up the value . of sterling to the det- 
riment of exports.” 

The theme of this, the CBTs ninth 
annual conference, is "change to 
succeed" - a theme chosen to ex- 
press the urgency felt by many of 


the CBTs leading members for 
mare effici e ncy and dynamism in 
the face of ever greater internation- 
al competition. 

Almost wholly absent are foe 
once traditional complaints over 
unipriB and industrial relations — in- 
stead, foe evidence of the confer- 
ence resolutions points to anxiety 1 
over foe business/Government rela- 1 
ttonship and over c omp etit i veness. I 

A motion for debate from the 
London Regional Qumrii "congrat- 
ulates the Government on its suc- 
cess in introducing fa gfctfrti fm j 
which has prompted realistic atti- i 
hides in industrial relations. Con- 
ference encourages the Govern- 
ment to produce more legislation." 

Only two motions express con- 
cern over pay trends: the one select- 
ed for debate "urges fellow workers 
to recognise that nobody owes us a 
living; that we have no right to ex- 
pect annual wage increases; and 
that wage increases cannot be ex- 
pected to m atc h or exceed inflation 
as a matter of course." 

The CBTs own guideline for pay 
settlements is around 4 per cent - 
one which is presently exceeded in 
most settlements, to growing gov- 
ernment concern. 

A series of motions are directed 
.at improving industry's own prac- 
tices - in management, marketing, 
job creation and employee 
involvement. 


TV-am pressured to go public 


BY CHARLES BATCHELOR 


TV-AM, the breakfast television 
channel which has recovered 
strongly over the past year, is com- 
ing under shareholder pressure to 
go for an early public flotation of its 
shares. 

The company denied yesterday, 
however, that it has any plans to 
seek a stock market quotation in 
the foreseeable future. Although 
TV-am is now profitable, it has an 
accumulated deficit approaching 
£20m from its first disastrous 18 
months when U faced collapse. 

Mr Timothy Aitken, TV-am's 
chairman and the owner, together 
with other family members, of a 16 


per cent stake in the company, is 
keen for an early flotation of the | 

rfuiWHi 


Another 31 per cent of TV-am's 
e quity was acquired by United 
Newspapers, publishers of Punch 
and the Yorkshire Post, when it 
won control of Fleet Holdings for 
£3 17 m last month after a bitter 
seven-month tong takeover battle. 

United will not be allowed to re- 
tain Fleefs 31 per cent stake in TV- 
am under the Independent Broad- 
casting Authority (IBA) rales since 
it already holds shares in TyneTees 
and Yorkshire Television. 


one that provides the best rates for 
foe dockers,” Mr Finney said. 

The employers hope the arrange- 
ments, together with recently im- 
proved pension benefits, will prove 
attractive to dockers contemplating 
leaving the industry. The employ- 
ers reckon that about L500 of the 
12J00 registered dockers are 
surplus. 

A leaflet gives dockers examples 
of how they will be affected. A dock- 
er aged 55 who buys an annuity in- 
come to mature on his 65th birth- 
day with £15,000 of his £25,000 re- 
dundancy pay would receive a net 
weekly income of £139.70. 

This is made up of £78.40 pension 
and unemployment benefit (foe un- 
employment benefit for the first 


year only); £44 annuity income; and 
£17.30 investment income on the re- 
maining £10,000 of his redundancy 
pay. 

About 80 employers in about 20 
ports with surplus dockers have 
been briefed. 

The Transport and General 1 
Workers’ Union is understood to be 
concerned that the arrangements 
will give port employers more con- 
trol over manpower, which is regu- 
lated by highly unusual st a t u tory 
arrangements. 

The union also objects to the link- 
ing of improved pension benefits, 
jointly agreed by employers and 
union, with the new annuity-based 
redundancy option, which is the 
employers responsibility atone. 


ATTEMPTS may be made in Par- 
liament to bring foe Lloyd's insur- 
ance raarkat within the scope of the 
new legislation proposed for foe 
regulation of London's financial 
community. 

A Bill is due to come before Par* 
.tiament later this year. Mr Bryan 
Gould, Labour's deputy spokesman 
on Trade and Industry, said yester- 
day that "it is a nonsense that 
Lloyd’s is not brought within foe 
framework of the now legisl a tion." 
He said that amendments would be 
tabled during the passage of the 
Bill to incline Lloyd's within foe 
framework, if there were so clauses 
in tire Bill to cover the future regu- 
lation of Lloyd's. 

It is understood that Lloyd's in- 


tends (0 lobby intensively during 
foe passage of foe Bill in order to 
ensure that it is tret included in foe 
legislation. 

Last year, Lloyd's said that 
whether or not it is included in the 
proposed legislation, “it will be nec- 
essary to bear in mind that foe in- 
vestment activities of Lloyd's un- 


derwriting agents are very different 
from those at foe investment man- 
agers and advisers with whom tire 
legislation is mainly concerned." 

Mr Gould argued that with so 
many types of investment activity 
being brought within foe range of 
foe legislation it did not make any 
sense to leave on insurance commu- 
nity outside foe new framework. 


NOTICE OF REDEMPTION 
of 


Federative Republic of Brazil 


814% External Bonds One December L, 1987 


NOTICE IS HEREBY IITVF.N’. in-half uf the Federative Republic t>f Hra/.tl. liial wi IVtvmU-r 1. 1 U 
princii«linHmri(uf iisS 1 /'., K\ii-rti;d Kumlswill liereticrniciluiu nr iibith-v.n ( 1 , Ik 1 paid hr ir In Dill**/). Kcail/ftV. imv. 
as I*rincif«S i’uiinp Agvnl, |mr>uaiu u> thi- rranilabiry. unniiat nth-mi Hum nquimiient nf mu* 1 H**n*U ami in ita 
rvlateti Autht-tiU-aUnir Aitt-nry ARrci-nwnl ami ItRying Ajwrwy Aum-rruiu. wh dniprf a- nf IVivu.Iht 1. lit, 
MwMsfsu-turiTs Uanovt-rTruM Company, us Authontu-atmn Aiaiit, hansriwltnl, by h*t. fur .-ni-ii mii-mHinniht- IV.mil> 
bl-nring the fuliou inp Mirla! numbers^ 

Coupon Bond* to be redeemed in whole: 


M 51 170$ 7654 4784 5340 5582 6377 7(90 8315 9097 11309 13654 1746." 1-V?* 


a r'-aa .14447 .14979 


233 1209 2667 4446 5349 5603 6388 7300 SJI7 9i06 11345 1.1% 1,W0 U7Q7 ;**»*. 3am 34478 150pt 

309 12W 2609 5351 5765 6391 7303 833? 9)06 »1353 1369? U**? 1471,- ?J,1N 3U502 34500 350*5 

320 1236 2682 4408 5359 5966 6J01 7313 RT9 9118 11355 13, ' 06 13959 14730 247100 .30900 .(46M *07' 

352 1336 2685 4473 5361 5970 6103 7316 8336 9121 11416 12711 124*9 14722 2411.* 3>U? 14617 35038 

387 1241 3095 44*8 S371 5983 6413 7335 8340 9143 11419 13774 13973 I47J0 3414! 31338 3463) 350JJ 

933 1444 2698 4754 5373 5994 64)5 7327 83M BM7 11428 -12728 130*5 1480* >4173 31446 34623 3HM9 

956 1447 7709 4766 5382 5996 8434 733? 8473 95IR 1)438 12739 1306? 14833 24)96 3)732 34b47 

958 1467 2713 4x99 5388 6105 7339 8511 9520 11447 12741 1J323 14834 £4217 31827 34653 35059 

970 1470 273 1 4837 5396 6108 6437 7349 8513 10362 11450 12754 13818 14986 24357 32615 34668 35001) 

973 1485 2733 4£ '5 5399 6119 6440 746? 8529 10364 11461 1?766 13629 14989 74545 32724 34671 .15062 

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991 1496 2750 5136 5465 6132 6479 7780 8717 1037? 11475 12768 13774 15004 25514 33000 34800 3W71 

1052 1502 2760 5W0 5474 6135 6486 7789 8730 10388 1M77 17779 1.1777 1M49 25523 3427.1 34852 35076 

1057 1660 2762 5148 5478 6155 6491 7791 8739 10388 11559 127BI 13795 lSfih? 26235 34.113 34*63 yOKJ 

1069 1664 3341 5151 5485 6157 6501 7900 8741 1039? 11561 13791 IJtfll 15839 26402 34337 34870 35089 

107? 1674 3-143 5162 5487 6188 6503 7940 8752 10399 1)956 12793 13838 16383 370.1l 34876 3509* 

1086 1893 3354 5164 5495 6>7l 6515 7949 8754 1(1408 12030 1390? 1408) H)295 27595 34360 34901 35097 

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1103 20*4 3356 5192 5497 6245 651? 8205 8?79 UKlO 12170 12804 1415? 1629? 27B/7 34374 34907 *101 

1115 2048 3X8 5194 5507 624? 6743 8237 8781 11018 12183 12815 14382 IujM 27804 31383 3*9 12 05103 

1116 ?l?2 3370 5U3 5511 6267 7170 8240 8841 11048 12311 I28T8 14404 16325 20049 34388 34915 

1127 3124 M7H 5206 55?2 6290 7193 8248 8643 1105ft 12313 12827 14J81 1841? 29321 34393 34932 

1131 2138 3380 5214 5S» 6301 7265 8350 6679 11058 12324 12H» 14546 20046 29401 34409 (VMO 

1143 2141 4232 5217 5534 6333 736? 8265 8909 11155 12326 13839 14548 20526 25433 34415 34944 

’’fi ^15 5226 5638 6360 727T 8267 H929 IMS? 12340 12842 14685 2«2» 29608 34431 34952 

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1182 2567 4289 5238 5549 6374 736? 8306 9095 11253 12S82 12856 14885 23558 30080 3M46 34871 


Rtpnwd Baod. w i t hout i 


i la be radccm*d in whok or to pvt and the principal mmil la be icdctxnxfc 

WaW NW)4 Tnwifjl 


RB296.... Si 0.000 
RB298 10.000 

R82B0-... 10.000 
RB749 ... 15.000 


RB751....S 7000 
R892i . 95000 
RB95?.... 2.00D 
RB963.... 4.000 


RB 968.. S23 000 
RB 971 .... 1.000 

RB 973 .. 8.000 
RB974. . 3,000 


RV 127 .. S 5000 
RX 100.... 10.000 
HX 102.... 2 noa 
RX KM 10 000 


Bomfc so seliTtoifnrmlcinplionforinilM’ca-'v of a part ial riHlem plinth,' pnrf inn lubi-mli’cminllwillbrnfimrand 
ix'dixf anil puyabU-in United SUI cm dollar* an IXrvmlHT I. ISMfi. ;il ihenfficr uf llillim. Bvail & l'o Ini-.. I'.l Rertor 


blivet. Now \urk. New \urk IlKWH. at one huiuJredpcr rant ( UKi“„i or the {iriniiiKil amount thereof «uh mterw 
u-rrued thereon to thi* redemption date. Coupon Bonds should be jiresentiil fnr redemption toeviher with all 
appurtenant eoujions maturinjr subsequen) to the rx>demj)tion dale. If moneys for the redemption of all the Bonds 


I»l amminl thereof with mien"-) 


... V r moneys for the iwleni«.tii.n of all the Kond-t 

V*.* ww 1 ?? J-w >«» Uw ease of a partial mtemjrtum the purtion In be rmVwmvdt are availaWe at the off we nf 
Ihllun. Keai I & t ». Inr. nn the redemption daU*. interest thermn will erase la arrnie from and after such dale. 

In iher&M'oraparlial redemption or any ryinstcnil lJi-benture. uiwn prewnLaiiimoffiwh lk-lwnture«n ur after 
the redempt !nn daft-, the reiris le red holder will rnviw theapplirable redemption price i n n*>iwet of the princii'.il 

ammintlhereoT railed fnr mlemption.and anew Debenture for Lheprinripafamoant remaining unredeemed will 

be delivered thereof wnhout rhanze. 


. At the option uf the resiMH-live hoktersof the Bonds selected for nslomutian. the prireipal amount tlieronf anil 
interwt thereon mai-beeol l«ded upon prm-i.taiion at tbvoffii-mi orUh-Gel'j^-inir Aisent. Banco Lv, Brasil. &A. m 
New York. London. Paris. Hamburg and Tokyo. * 


Dated: November 4, lftvi 


DILLON, READ & CO. INC 

/VtlM-f'jnlJ / \tjlltyj A:FHt 


Notice of Redemption 


Union Pacific Finance N.V. 

11%% Guaranteed Bonds due 19S8 


t S, 1 !EREBY Thtr ?} ibv outstanding 1 1 ST. Guaranteed Bonds 

due I9HH in the; aggrcpaie principal amount of Kuwaiti Dinars 7.000,000 (the "Bonds-) 
Umon racilic Finaiuv N.V . (the “Company*') that, pursuant to Condition 5(B) of the- Terms 
and Conditions andSeerKin n.01 |al ot the Indenture dated as of December 1. 1981 beiaxvn ch,. 
Company. Union Parific Corporation, the Guarantor, and Citibank. N.A. (the "Trustee - 1 the 
Cumrany elerts tn Rxkvm all of its omvlanding Bunds on Dtiemher I. 1985 (the "RwUnriion 
Date ) at a atUwraion prav equal to 101“- of the- principal amount thereof plus aevrued inien.-st 
thereon to the Redemption Date. 1 ^ c 

Pjvmeftts will he made on arhl after tht- Redemption Date upon presentation and surrender of 
Bonds with onupotw due Deccmlv 1. 1«JK6 and subsequent coupons arrached in Kuwsuri Dm n 
subject to iIk- provisions «»l Gnnditton fttetot iIk- Indenture, either (o) ar theoftuv of the Frin- 
crpa 1 P™ /W .Kuwait International InvnliRvmGt. s.a.fc. in Kuwait, or ((» ar the main 
K . ,in k SA - 1 fornxTly Citibank Luxi-mhnura S.A. ) in Ltwemlioure 

or Citihank. N.A. in Bruwk P^ments at the offices above will K- made in Kuwaiti Dinar^m 
Kuwait or by transfi-r to a Kuwait. Dinar aiiooiim maintained hy the payee with a hank in Kuw.it 
or hr a Kuwaiti Dinar check draw n on a licensed hank in Kuwait, sdbjea in each case to anv 
fiH-al or whi-r laws or regulations applicable in Kuwait or in the country of the Pavine Aet-uls 
as the case may he. ' . .\w,ius. 

From and after the Redemption Date, the Bonds will no ton«er he outstandini; and imerest 
then-on slull u-ase to accrue. * t K 

Coupons due December I, 1985 should be derached and presented for payment in the 
usual manner. 1 • 


Dated: Ociotvr 28. 1W5 


Union Pacific Finance N.V. 

By: Cirihank. X.A.. TVilsUv 


THE 


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CAMDEN 

MOTOR RENTALS LTD 

OGRESSIVE FLEET DECISION 

TELEPHONE: 0525 372700 








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From a tiny acorn 

WE’LL HELP YOU GROW A MIGHTY OAK^lSr 

From a mighty oak ® 

WE’LL HELP YOU GROW A FOREST Iff 



Just as saplings require a different kind of 


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and small companies have very different financial 


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As financial innovators, who also have 


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The CREATIVE USE OF MONEY 

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I 



8 


Financial Times Monday November 4 19JS 


'UK- NEWS 


Renault launches campaign for 
higher share of UK truck sales 


BY KENNETH GOODING, MOTOR INDUSTRY CORRESPONDENT 


RENAULT of France Is launching 
an aggressive campaign today 
aimed at making it a prune 
contender in the British heavy- 
truck market. 

It has pot two more trucks into 
production at the factory of its l/K 
subsidiary Renault Truck Indus- 
tries (RTI) at Dunstable, 25 miles 
north of London, and will sell them 
from November 11 at prices below 
those for rival vehicles. 

The new British-built heavy- 
weights more than double RTTs 
coverage of the UK mar ket for 
trucks of over 16 tonnes gross 
weight, and the company expects to 
boost its penetration from 2.7 per 
cent to at least 6 per cent by the end 
of 1986. 

RTI has been preparing its dealer 
network for the campaign by estab- 
lishing 35 of its 84 dealers as heavy- 
truck specialists. 

RTI and die dealers are sharing 
the cost of the investment pro- 
gramme - for example, the cost of 
employing specialist sales people 


and technicians, extra tooling and 
extensive parts stocks. So far, the 
company and the dealers have each 
invested about E2m in the scheme. 

Mr BUI Gilllham, RTTs director 
of co mm ercial operations, admitted 
to deliberately competitive pricing 
in a tough market but said the com- 
pany had been able to undercut its 
competitors fay tailoring the bucks 
for the UK. 

“When we are designing a truck, 
we not only look at what the market 
requires technically but also set a 
price target,” he said. 

RTI also said productivity at the 
Dunstable plant equalled that of 
any manufacturer in Europe and 
bettered most 

Mr Bill Holmes, the industrial op- 
erations director, said that in less 
than five years, since Renault 
acquired the former Dodge busi- 
ness in 1981, productivity had im- 
proved by up to 33 percent 

One main contributory factor was 
the introduction of flexible working 
at the plant The production lines of 


the volume v eh icles, the Dodge 100 
series and 50 series, are operated 
by tiie same workers, alternating 
each day. -The paint shop operation 
is similar but on a half-daily hang 

RTTs parent group has spent 
£40m since 1981 to buy the compa- 
ny and to cover losses. 

Since the acquisition all activities 
have been regrouped at Dunstable. 
The latest streamlining took place 
during the past year w hen labour 
and machinery were transferred 
from the nearby Luton factory. 

The first Renault-designed heavy 
trucks went into production at Dun- 
stable in. 1883. Renault’s entire G 
range of heavy trucks can carry a 
"built in Britain" label and share 
the same tracks as the Dodge 50 
and Commando vehicles. 

From early next year RTI will 
start assembling cabs for the B 
range trucks at Dunstable which 
will raise the British content of the 
vehicles, measured by ex-factory 
value, from 40 per cent to about 60 
percent 


Cable group seeks 
to attract investors 


BY RAYMOND SNODDY 

BRITISH Cable Services (BCS), the 
cable television company owned by 
Mr Robert Maxwell, publisher of 
The Mirror newspaper, hag 
launched a campaign to attract in- 
vestors for his cable operations 
throughout the country. 

The aim is to help to pay for the 
transformation of as many as possi- 
ble of the 40 existing cable net- 
works into high-technology 
systems. 

It could cost dose to £12bn to 
bufld high-technology systems in as 
many as 40 towns - a cost which is 
far beyond the resources of a single 
organisation. 

BCS is hoping to bring investors 
into the existing networks, which 
are upgraded relay systems, as 
soon as possible, to start preparing 
for the transition from the old to 
the new. 

The company is believed to be 
talking to a number of potential in- 
vestors - in areas such as South- 
ampton, where Mr Maxwell has aip 
existing cable network but &s also 1 


applied for a new technology fran- 
chise from the Cable Authority. 

Since February, the number of 
subscribers on Mr Maxwell's cable 
networks has fallen every week un- 
til last month. The total fell below 
70,000, but the bottom now seems to 
have been readied. 

For the past three weeks the 
numbers have been rising, gwd the 
aim is to get above 90,000 again by 
the end of December. 

BCS is about to move towards 
manuf a c turing System 8, a sophisti- 
cated cable switch which allows 
two-way communication and is nec- 
essary for the development of home 
banking and shopping services. 

Mr Chris Medd, managing direc- 
tor of BCS, said yesterday: "The 
fact that we are able to confirm the 
tooling-up of components for Sys- 
tem 8 is a consid erable landmark 
for BCS." 

It means that the first 2,000 
homes in the Guildford, franchise 
area, south of London, may now’ be 
cabled in the first half of 1986. ‘ 


Engineering 

production 

lower 

Financial Times Correspondent 

THE OUTPUT of engineering com- 
panies in the TJK dropped marginal- 
ly in tiie three months to August 
compared with the previous three 
months. 

The latest figures from the De- 
partment of Trade Industry 
show that output in mechanical en- 
gineering and electrical instru- 
ment engineering dropped by half a 
per cent Fourteen of the 25 me- 
chanical angmagriTig industries re- 
ported increases in output in the 
three m onths to August compared 
with the preceding three mrmtlK 

Output in the food and related in- 
dustries rose by 14 per cent and out- 
put in mining machinery rose by 18 
per cent in the period. 

Eight industries showed de- 
creases in output, including heavy 
boilers, process plant fabrications 
and other mpchanimi marine and 
precision engineering. 

In electrical engineering, only 
five industries showed rises in out- 
put, against 14 industries which re- 
ported falls in output and one 
r emained unchange d 


Oil futures 
market 
set to be 
launched 

By Richar d Mooney 

LONDON’S International Petro- 
leum Exchange (IFE) today be- 
gins its second attempt at getting 
a crude ofl futures market off the 
gro un d with the qI its in- 

dex-based Brent blend contract 

The exchange's first attempt at 
»«<iiMiAing a Brent blend con- 
tract collapsed last year, but it 
believes si gnifi c ant differences 
in the trading style for the new 
contract give it a much better 
chance of success. 

It is based an cash settlement, 
in l.OOO-bnnd lots valued 
against an index of 15-day car- 
goes delivered at Saflom Voe, 
Shetland. The original contract 
involved a physical delivery 
option at Rotterdam. 

The main reason for the fail- 
hire of the okl contract was that 
Brent oO was actually delivered 
at Saltom Yoe in cargoes of at 
least 5MMM0 barrels. IPE officials 
claim tbe revamped version wUI 
provide a more flexible hedging 
TTwdhnw for ofl It 

sbonld also be marc attractive to 
investors. 

The index on which - the cash- 
tract b laned has been pab&sbed 
as an e xperiment for some- 

Mr Michael Bowen, IPE chief 
executive, says the new contract 
should complement the New 
York Mercantile Exchange’s sac-, 
cessfal crude ofl futures market, 
but tiie two exchanges are bound 
to be In competitio n to stone ex- 
tent 

"A cash settfoment futures 
contract in Brent Mend wfD con- 
siderably broaden the dimen- 
sions to the crude ofl market for 
trading and hedging purposes, 
while at Ac same few providing, 
a facility for reducing perfor- 
mance risk in the physical mar- ■ 
ket," according to Mr Bowers. 

The IPE has p ro posa ls fog fag- 
ther ofl products futures con- 
tracts niuler dfecussfou. It hopes . 
to start trading In petrol tnii'ii m. 
and heavy fad oil of bunker 
quality some time in 1986. Both 
would allow physical delivery at ■ 
Rotterdam, Dhe- tbe exchange’s 
existing gas o3 fixtures contract 


Peter Riddell reports on the battle over Tory policy 

Radicals fire their first shots 


SHOULD the Conservative Govern- ~ 
meat settle down and astod. con- 
troversy in the 

eral election, or it nxafzztafo 

the momentum of radical change? 
This debate between consolidators 
and radicals was given a farther 
twist over the weekend. 

A group of 13 free market Tbry 
MPs, all bnt me from the 1983 in- 
take, have produced a pamphlet, 
“No Turning Back," arguing m fa- 
vour of further wrt>rwinnf of mar- 
ket disciplines in h»mitf^ education, 
housing arid employ ment 

And Mr Nicholas Ridley, Trans- 
port Secretary, argued in a speech 
on Saturday th»t to "false 

propaganda" about cuts in welfare 
services the Conservative Party 
should reconsider its policies, "to 
*mhrar«> radicalism and to think 
the impossible." For ex am ple, be 
urged further study of a variant to 
an educational voucher v l to 
give parents greats- choice about 
tilP crhftrtte thi»h- rhflrfi yn 

In the past few months, however, 
the radicals have lost some battles. 
Tbe Cabinet Avfrfad against includ- 
ing in this Wednesday's Quest's 


Speech a Bill to end rent control on 
new lettings while proposals for 
student loans wse rejected and put 
bade on tiie yh«df «itmg with educa- 
tion vouchers. 

The consolidators - party manag- 
ers mr * i as Mr John Biffen. Lord 
Whitelaw and the whips - argue not 
only that such measures would 
create parliamentary problems bnt 
also that they would be upopular 
with the electorate. 

The radicals challenge fhty as- 
sumption. Mr Michael Forsyth, edi- 
tor of the new pamphlet, argues 
that a radical approach would be 
popular in marginal seats such as 
his own in Stirling and others rep- 
resorted by many of tbe authors. 
On tins view, the British people will 
not re-elect a government which is 
perceived to have run out of ideas 
but will welcome increased choice. 

The authors seek to reopen tiie 
debate about student lnnwy and edu- 
cation vouchers by arguing that 
schools and u niversiti es should be 
fin a n ced on a per capita basis in re- 
sponse to parental and student 
choice about where to go. Similarly, 


groups of 30 or more parents should 
be allowed to start their own 
schools and receive state funding. 

The MPs also maintain that end- 
ing rent controls on new lettings, 
but not existing ones, would in- 
crease the supply of accommoda- 
tion and would be popular with the 
less well-afL The sale of council 
apartment blocks to tenants' co- 
operatives is also urged, along with 
powers to allow contractors to buy 
derelict estates for renovation over 
the heads of reluctant local 
authorities. 

The pamphlet, similarly, urges 
further incentives for private medi- 
cal insurance and for private take- 
over of unwanted National Health 

Service hospitals. 

The authors want further moves 
to encourage seif employment and 
deregulation, coupled with reduc- 
tions in tax rates and asset sales to 
finance a cut of 6p in the basic rate 
of income tax. 

The MPs regard themselves as a 
continuing ginger group to rein- 
force t be radical instincts of Mrs 
Thatcher and ministers such as Mr 
Ridley against the consolidators. 


The pamphlet is in part a first shot 
in the battle over the next Tory 
election manifesto. 

But tbe authors also have short- 
term For example, there may 
be an attempt to revive the rent de- 
control Bill for tbe 1988-87 session, 
and a vigorous debate is already 
starting -about whether to raise to- 
come tax thresholds or to cut the 
basic rate. 

The new pamphlet also has cer- 
tain intriguing parallels with cue 
written in 1981, halt way through 
the test parliament, by 13 promising 
young MPs. That one. "Changing 
Gear," came from tbe “wets" and 
urged expansion. However, five of 
those authors are now ministers, 
and two are whips. Two of the wri- 
ters of the new pamphlet, Mrs 
Angela Rumbold and Mr Francis 
Maude, have just joined the Gov- 
ernment, and more could be in- 
cluded in the next reshuffle, to 
maintain the balance between con- 
solidators and radicals. 

Mo Turning Bock, price Cl £5 fnm 
the Conservative Political Centre, 
32 Smith Square, London SWL 


Pledge to 
aid small 
businesses 

James McDonald 

GOVERNMENT support for small 
businesses put. at risk by the failure 
of huge companies to settle their 
hflfo promptly bran promised 
by Mr David Trippier, the Small 
Companies 1 Minister who is part of 
Lord Young's team at the Depart- 
ment of Employment. 

Mr Trippier has set up a working 
party- bringing together the Insti- 
tute of Directors, tiie Institute of 
Purchasing and Supply and the 
Confederation of British Industry - 
in. a. joint initiative to ogfaUr-di a 
code of practice 

Delayed settlement of bflls by 
large companies to small ones has 
been a long-standing mmpinint by 
suppliers. 

A telephone survey carried out in 
October for tiie Institute of Direc- 
tors — cov e rin g a random sample of 
200 ^directors - showed that 77 per 
drat of the directors said there was 
a seridus problem about prompt set 
dement of "rwwmtg by huge compa- 
nies: ■Within the inquiry sample, 
14 per pent thought there was no 


Treasury postpones tax 
reform Green Paper 

BY PHttJP STEPHENS, ECONOMICS CORRESPONDENT 

with only one person earning and 
away from single people and. cou- 
ples with both partners in work. 
The Government’s view is that this 
could help to alleviate the "poverty 
trap" and reduce the incentive 
for married women to take paid 
employment 


THE TREASURY has put back its 
plans to piWidi a Green Paper — a 
consultative document - on reform 
of the personal taxation system, 
possibly until early next year. 

Mr Nigel Lawson, the Chancellor 
of the Exchequer, had intended to 
present the paper during the au- 
tumn, but Whitehall officials say 
there is now little prospect of it 
being published this 

Whether work can be completed 
In time to issue the paper in Decem- 
ber or whether it will be deferred 
until the new year is likely to de- 
pend on how quickly tiie Govern- 
ment can settle the problems delay- 
ing its White Paper (policy state- 
ment) on social security reform. - 

The taxation Green Paper is ex- 
pected to focus on the Treasury’s 
proposal for a new system of per- 
sonal allowances to replace the ex- 
isting structure in tbe early 1990s. 
The central efament is a pten to in- 
troduce allowances which ran be 
transferred between fedarnfa and 
wives. 

The aim would be a relative shift 
in fay benefits to wmrriyi couples 


The Treasury also plans to re- 
view in the Green Paper the possi- 
ble options for an integration of tiie 
tax and benefits system although 
Mr Lawson has already made it 
dear that he is in principle opposed 
to such a move. 

It is this linkage with the social 
security system which is thought to 
have persuaded the Treasury to put 
off publication until the problems 
surrounding the White Paper on 
benefits have been resolved. 

Mr Norman Fowler, the Social 
Services Secretary, had planned to 
publish that White Paper early tins 
month, but the proposal to phase 
out the state eanungs-related pen- 
sion scheme (Serps) has met fierce 
opposition. 


Plans for blank 
tape levy 
under review 

By David Churchill 

.FLANS to introduce a new levy on 
blank video and audio tapes are un- 
der review in Whitehall after con- 
cern that the proposed levy might 
be seen as an extra tax on consum- 
er spending. 

The idea for a 25p levy on blank 
video cassettes and a lOp levy or 
blank audio tapes was put forward 
in a discussion paper published ear- 
Uer this year on copyright reform. 
The unauthorised home taping of 
copyright video and audio material 
costs the music and film industries 
many milli ons of pounds each year 
in lost sales. 

Tbe UK record industry, which 
has long campaigned for a levy on 
blank audio cassette tapes, believes 
that as much as 90 per cent of the 
85m blank audio tapes sold each 
year are used by consumers to re- 
cord music at home rather than buy 
prerecorded music records and 
tapes. 

Tape manufacturers, however, 
believe that a levy could harm sales 
of blank tapes used for educational 
and other purposes 


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Phone 1-403-234-7505 


ALBERTA INTERMODAL SERVICES LTD. 


BASE LENDING RATES 


ABN Bank 11J' 

* Allied Dunbar & Co ... Ilf 

Allied Irish Bank Ill* 

.. American Express Bk. II *9 
Henry Ansbacber ...... 11} ‘ 

- Amro Bank 1] 

Associates Cap. Corp. 12 _ 
Banco de Bilbao ......... 11}% 

• Bank Hapoalim 114% 

. Bank Leumi (UK) 11}% 

Bca : ii}% 

Bank of Ireland U}% 

Bank Of Cyprus 11}% 

. Bank of India 11}% 

Bank of Scotland 11}% 

- Basque Beige Ltd 11} s> 

• r Barclays Bank 11}% 

-.-Beneficial Trust Ltd ... 124% 
Brit Bank of Mid East 11}% 

■ Brown Shipley 1. 11}% 

GL Bank Nederiand ... 11}% 

. Canada Permanent ... 11}% 

Cayzer Ltd 11 }% 

Cedar Holdings 12 % 

A Charterhouse Japfaet... 1I}% 
Choolartons** 

Citibank NA ;.... 11}% 

Citibank Savings 112 j% 

- City Merchants Bank... 11} % 

Clydesdale Bank 11}% 

' C. E. Coates &€o Ltd . 12 % 

- Comm. Bk. N. East ... 114% 
Consolidated Credits ... 11}% 

, Continental Trust Ltd . 11}% 

• Co-operative Bank *11}% 

. The Cyprus Popular Bk. Ui% 

Duncan Lawrie ........ 11}% 

E. T. Trust 12 % 

Exeter Trust Ltd 12 % 

Financial & Gen. Sec. 11}% 
First Nat. Fin. Corp. — 12}% 
First Nat. Sec. Ltd 12}% 

■ Robert Fleming & Co . 11}% 
Robert Fraser & Ptrs . 124% 
Grindlays Bank 


l Guinness Mahon 11 }% 

I Hambros Bank 11}% 

Heritable & Gen. Trust 11}% 

I Hill Samuel 511}% 

C. Hoare & Co U}% 

Hongkong * Shanghai 11. 
Johnson Matthey Biers. 11} 
Knowsley & Co Ltd ... 12 % 

Lloyds Bank 11J% 

Edward Manson & Co . 12}% 
Megfaraj & Sons Ltd ... 11}% 

Midland Bank 11} 5} 

(Morgan Grenfell 11}% 

Mount Credit Corp- Ltd 11 }% 
National Bk of Kuwait 11}% 
National Giro Bank ... 11}% 
National Westminster 11} % 
Northern Bank Ltd ... 11}% 
Norwich Gen. Trust ... 11}% 

People’s Trust 12}% 

PK Flnans. Inti. (UK) 12 % 
Provincial Trust Ltd ... 12}% 
R. Raphael & Sons ... 11}% 
Roxbundie Guarantee . 12 % 
Royal Bank of Scotland 11}% 
Royal Trust Co Canada 11}% 
Standard Chartered ...||lli% 

TCB 11}% 

Trustee Savings Bank 114% 
United Bank of Kuwait 11 } % 
United Mizrahi Bank... 114% 
Westpac Banking Corp. 
Whiteway Laidlaw ... 12 % 

Yorkshire Bank 11 }% 

I -Members of the Accepting Houses 
Committee. 

7-day deposits 8.00%. 1 -month 

8.50%. Top Tier — £2.500+ at 3 
months notice 11.25%. At call 
when £10.000+ rams ins. deposited. 
Call deposits £1.000 and over 
8.00% gross. 

21-day deposits over £1.000 
9.25%. 

Mortgage base race. 

* See Provincial Trust Ltd. 

Demand den. 8%. Mortgage 13%. 



- HOROLOGISTS 


16 Mbs 8md Sees Matte London Wl 
- 1 OM33SS6 


BARCLAYS 
UNIDOLLAR TRUST 

Nonce h hereby green that by Supplemental Deed dated die 
2.W October. 1V85 the name of dv ab< ive Trust was changed m “iimdUys 
l 'nt-Amc-rian Growth Trust" in order to properly rellea rile investment 
akm the Trust. 

Holders of barer cmihcjtcs in Barclays l YikJollar Trust arc advixd 
that the change of name will in no way im.ilid.itv the bearer emiliuto 
held by them, nor the coupons or ulnn attached thereto. 

Copies of a new Prospectus llw -Barclays I’ni-.-Wriun Growth 
Trust’ arc available from die Managers. Hanbys Unicorn International 
(Channel Islands) Limited. PQ box 151 1 during Cross. $t Hcticr. 
Jersey or hum the Paying Agents listed below. 

COUPON PAYMENT 

NOTICE IS HEREBY ALSO GIVEN that the tenth income 
distribution (including equalisation wIktc applicable} I'ur the period 
27th September. Nft to 25tb September. WK5 toralkil l-X sr(»l cents 
GROSS per sliare. Certain wirliholdiiig Lives outside Jersey have 
heen deducted whether with the management tee. 

CCX 'PON NO. iu at the rare of i \S.Jl. 2 i cents per dure » payable 
on and after the I5di November, 1VH5 l 

< anipons should be detached I'nHnSlureC icrriikaiesand presented 
lor payment at the office or any of the Paying Agents named bektw 
and left tor three days lot examination. Coupon listing limns may lie 
obtained (rum the laying Agents. COPIES OF THE MANAGERS 
REPORT for the period 27th September. I>»i to September. I‘*<5 

will be available to shareholders art lie o»kvs named beli <w. 


Tilt lltKIJ&irty.rtvI 
SlutyHctrltonloni' 
f onsitjiKm. 

ro 

Kvxlc Sen I IcrK'jn, 
BRl'TMM. 


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ruf»>nil I rd, 

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Hnud Street 
St H.W.K-TTV. 

C 1 1 AN M- US1 AN US. 


Ilmbt* [Unk(lli*n: 
K»iyt)N«*nnnn> i id, 

HONG KONl'a. 


tUnk Ho mi IXirt. 

Um hunil Nit. .*|i. 
JjkmxINIXlNKSIA 


IVmquc InwmjtiiHulr 
j 1 u.vmbi'Or^>_\. 
Unite floult i3l\ 
jHmiWuidKimiL 
l.rXl.MUOl RG. . 

ICmk 

I in*n.\L$jvinj>Otjn.i:. 
aoKipublK Strut. 
Viik.it l MALTA. 

I'onl: "J Nauru. 

IX) HnsJweNAI Rf. 

hJT>Ut*K«|&< ii. NV. 

Dr^lms INI. 

I Irn'n^rjilM 

AirwinLim-T, 

MtllltKLANnS. 

AuJmIu N New 

XciLind Km king 
Crfiuf’ limned. 

It) lfc>< lw«\, 
'Nittmpi.'o. 

NEU ZEALAND. 


Infill XkM (l| llflc 

Kuikimct unniTji 
iXlNn-n 
r.tr Mm-dn. 
PAIW NTV 
GCINFA. 


KoxLii'KinJc 
(Su«hx)s.\_ 
t ^e)W.ik-.\'l. 

S%TI/£Ki.AKD. 


^ICmLn.lUnLl'K', 
SoumnN.Senm.-e 
I)t{t,Svuhv 1 I kmt, 

Si I i-mlurjNn.tr. 
llrthkoLClH ■J.tll. 

CN1TLD KINGDOM. 


»t .tnKi\-kiNrm;n.-mamtmLCNl-K.-tunui ScJnhMnlK th.pMnc <cn*.Tk 


Islamic Banking 

The First Ten Years 

I The November issue of Arabia. The Islamic World 
Review, features a special supplement on Islamic 
Banking — the traditional Islamic economic system 
that is attracting world wide interest. 

I Also feature articles on Egypt. Lebanon & Indonesia 
with a Living Heritage colour section. 

And much more. a *4- 1 • 

ss? Arabia 

newsagents The Islamic Wfaid Review 


V 

































Financial Times Monday November 4 1985 


A Copy Of this document, which comprises listing particulars with regard to The German Securities Investment Trust pic (the “Company-) in accordance with The Stock E x ch a ng e (Listing) Regulations 1984, 
has been delivered to the Registrar of Companies as required by those regulations. Application has been made to the Council of The Stock Exchange for the Ordinary Shares of £1 each m the Co m pa n y 

issued, and to be issued, and the Warrants attached thereto to be admitted to the Official List. 

The -Directors of the Company, whose names appear below, are the persons responsible for the information contained in this document. To the best of the knowledge and belief of the Eftreararc'fwho have 
taken all reasonable care to ensure that such is the case) the information contained in this document is in accordance with the facts and does not omit anything likely to affect the import of such information. 

The Directors accept responsibility accordingly.! 


DIRECTORS. SECRETARY AND ADVISERS 



THE GERMAN SECURITIES 
INVESTMENT TRUST pic 

Registered in England under the Companies Act 1985 Registered Number 1948619 

OFFER FOR SUBSCRIPTION 

sponsored by 

Liechtenstein (U.K.) Limited 

and 

Savory Milln Limited 

of 

10,000,000 Ordinary Shares of £1 each (with Warrants attached) at par payable as to 
50p on application and as to the balance of 50p on 28th February, 1986 

The Direst ora are aware ofinrendedaqppfiCTttani fore focal of frMQ/XMOrdfaai'y Share (vriifaWaiTanatniJHdwdlr riarwiithig SBpCT 

for Subscription, aaaqmfaic fall aufaacripdon. Such appfkxtiom If received will be accepted in fan. The fnr i ilnwn i a a bii c r ipdOD lewd Is 5^00tMW9OtdbMMySlMBie» (with Warrants attached), receipt of wfetefa banned. 


PARTLY PAID ORDINARY SHARES 


All of the Ordinary Shares now being offered for subscription are being issued paid up as to 
50p with the balance of SOp being due on 28th February, 1986. 

Once due, such balance represents a debt due to the Company. Failure to pay the balance on 
the Ordinary Shares renders those shares liable to forfeiture but, notwithsanding forfeiture, 
the applicant remains liable for all moneys payable in respect thereof at the date of forfeiture 
regardless of whether or not be his renounced or transferred the right to the Ordinary Shares 
(with Warrants attached) comprised in the Letter of Allotment unless or until all such moneys 
have been received by the Company. 

The completion and delivery of an Application Form in respect of Ordinary Shares will 
constitute an undertaking in favour of the Company by the applicant therefor that he will pay 
the balance due on such Ordinary Shares on 28th February, 1986. 


Authorised 

£12,500,000 


Share Capital 


Ordinary Shares of £1 each 


Issued rod to be 
issued SOp paid 
.op to £10,000,000 


Successful ap p li c ants (or their renooams) will receive one Warrant for every five Onfinary Shares 
allotted to than. Each Warrant carries the right u subscribe Cor jnc Ordinary Share at £l per share, 
winch is cx e r ris a b i c on tbe dates set otxt herein. 


The application lot for the Ordinary Shares (with Warrants attached) now offered for subscription will 
open at 10.00 a.m. on Tuesday, 12ih November, 1985 and may be closed at any time thereafter. 

The procedure for application and tbe Application Form are set out at the end of this document. 


Directors 


S ecr e tar y and 
Registered Office 

Investment Manager 


Investment Adviser 


Stockbrokers 


Auditors and 
Reporting Accountants 


Solici to rs to the Company 
and the Offer 


Receiving Bankers 


Bankers 


Re gist r ar s and 
Transfer Office 


Sir David Lancaster Nicolson fCkatrmtmJ 
Malcolm Henry Westoa Wells fDtputy OmmmJ 
Hans Christoph Groscurth (Gentian) 

Wolfgang Kan Reuter (German) 

Sir Frank Kenyon Roberts, GCMG, GCVO 
Rostislav Romanoff (U.SJL) 

Christopher Samuel Tugendhat 

The addresses of the Directors are set out in 

paragraph 4 of "General Information" below 

Tames Leslie Burchett. FCCA, 

1 Devonshire Square, London EC2M 4UJ 

Liechtenstein (U.K.) Limited, 

1 Devonshire Square, London EC2M 4UJ 

Bank in Liechte ns tein (Frankfort) GmbH, 

Maimer Landstrasse S, 

D 6000 Frankfurt 1, Germany 

Savory Milln Limited. 

3 London Wall Buildings, London EC2M 5PLF 

Arthur Young, 

Chartered Accountants, 

Rolls House, 7 Rolls Buildings. 

Fetter Lane, London EG4A 1NH 

Iredtfidds, 

Grindall House, 

25 Newgate Street, London EC1A 7LH 

Tbe Royal Bank of Scotiand pic, 

67 Lombard Street, London EC3P 3DL 

Liechtenstein (ILK.) Limited 
1 Devonshire Square, London EC2M 4UJ 

The Royal Bank of Scotland pic, 

P.O. Bo* 27, 

34 Feues Row, Edinburgh EH3 6UT 


DEFINITIONS 

In this document the following expressions shall (unless the context otherwise requires) have 
the following meaning: 

“Company" The German Securities Investment Trust pic 

“Directors” the directors of the Company - 

“Ordinary Sautes'* ordinary shares of £1 each in the Company 

“Investment Adviser" Bank in Liechtenstein (Frankfurt) GmbH 

“Inv es tment Manager" Liechtenstein (U.K.) Limited 

“Savory Milln" Savory Milln Limited 

“Offer" the offer for subscription of the 10,000,000 Ordinary Stares 

(with warrants attached) as described herein 

“Warrants" warrants to subscribe for Ordinary Shares at £1 per share 

exercisable on any one of the dates as set out herein 
“Germany" Federal Republic of Germany 

“DM" Deutsche Marks 

“£” Pounds Sterling 


“Germany" 

“DM” 

“£” 


Swiss Francs 


At 3.00 p.m. on 28th October, 1985 the mean of the buying and selling spot exchange rates 
in the London Foreign Exchange Market was DM3.77 to £1. 


L 


INTRODUCTION 

The Company has been established to be an investment trust with the primary objective of obtaining 
capital growth through investment in publicly traded securities of German companies. 

Germany re p resents one of tbe major economies of Western Europe and has been among die most 
suc ce ssful during the post-war eta. Based upon 1984 figures, die national income of Germany was the 
largest in the European Community and accounted for approximately 28 per cent, of foe Community’s 
toad national incomes. The. Company offers investors the potential for benefiting directly from further 
German economic growth through investment In a diverse portfolio of major German enmpanfc*. 

As an investment trust, the Company will not have the disa dvan t ag e typical of unit trusts of a fl uct u atin g 
capital base. Thus it will be possible to adopt a well planned and long term investment policy. The shares 
of many investment mists trade at a discount to their underlying net asset values. In an endeavour to 
maintain the value of the Ordinary Shares as against tbe net asset value of the C om pa n y, the Articles of 
Association of die Company contain provisions for tbe winding-up of the Company from 1988 onwards 
(see “Duration of the Company” below) which would result in a liquidation of tbe portfolio, and secondly 
the Directors have decided to offer die Ordinary Shares with Womans attached. The Warrants will be 
detachable as from 1st May, 1986 at which time they will be dealt in separately. 

The Company will have the benefit of tbe expen investment advice of Bank in Liechtenstein (Frankfurt) 
GmbH, which was the first company in Germany to be esta b lish e d with tbe primary objective of being 
an investment bonk. It has earned a reputation for sound professionalism in all four of its major activities: 
portfolio management, securities trading, investment research and broking, 

Liechtenstein (U.K.) Limited, a company sp eci a lisin g in the provision of financial services for private 
clients as well as institutions, is the Investment Manager. It is a member of the National Association of 
Securities Dealers and Investment Managers (NASDIM) and is lic e ns ed to take deposits under the 
Banking A a 1979. 

Both the Investment Manager and tbe Investment Adviser are wholly owned subsidiaries of the Bank in 
Liechtenstein AG, Vaduz. Bank in Liechtenstein .AG is owned by the Prince of Liechtenstein 
Foundation, which administers the private assets of the Ruling Prince of Liechtenstein bulk up aver the 


GERMANY’S GNP— GROWTH 


Bank m Liechtenstein AG manages a n nscmtiai nmds on maun or ns international cuenieie ana naa at 
30th June, 1985, the latest date for which published figures are available, paid up capital and disclosed 
reserves of SFr221 million and total assets employed amounting to 5Fr3,571 million. 

THE GERMAN ECONOMY AND STOCK MARKETS 

. Germany is the third largest economy in the western world, ranking after the United Slates and Japan, 
and since 1945 has proved to be one of the more dynamic and successful. Recent governments have 
followed a tight fiscal policy, and as a result the budget deficit is currently estimated to be 1.5 per cent, 
of the GNP which is low in comparison with other major developed economies. The Bundesbank 
(Germany's central bank] operates as a monetary authority independently of the Government and bis 
implemented a stria monetary policy which has helped to contain the i nflation rare at a low level, at 
present of 1.7 per cent. 

In addition to'rhis background of conservative fiscal and monetary policy, the present government has 
encouraged the growth of industry, which, since 1983, has been experiencing a period of export-led 
economic expansion. The recent rise in both its domestic investment and consumer demand is e xp ected 
to contribute to future expansion of ibe economy. 

The GNP of Germany grew in real terms at an average annual rate of 12.3 per cent, in the period 
1948-1958, 9.4 per cent, in the period 1958-1972 and 6.4 percent, in tbe period 1972-1984. The growth 
of Gcmiany's GNP since 1976, including the Investment Adviser's estimates for 1985 and 1986, appear 


i substantia] funds on behalf of its international clientele and had at 


in the chart below. 

In 1983 and 1984 company earnings grew substantially. Tbe Directors believe that growth should 
continue in 1985 and 1986, aJbeii ai a somewhat tower rate. The table below illustrates the major company 
earnings since 1975, as measured by the average earnings of the companies comprising the FAZ Index. 
This index is produetd by the Frankfurter AUgemeine Zettung, and is based upon the share prices of 100 
companies accounting for something in excess of 80 per cent, of tbe German equity markets' 
capitalisation. 

The Investment Adviser has estimated that the Avenge Earnings per Share of the FAZ Index for 1985 
will be DM 38.29, as shown below. That figure, if achieved, would be an increase of 24 J per cent, over 
tbe corresponding 1984 figure. 

Average earning* 

Year per share Percentage growth 

1975 DM 14.53 

1976 DM 17.83 +22.7% 

1977 DM 16.05 -10.0% 

1978 DM 16^2 + 4.8% 

1979 DM 19.72 +17.2% 

1980 DM 17.93 - 9.1% 

1981 DM 17.75 - 1.0% 

1982 DM 19.11 + 7.7% 

1983 DM 25.75 +34.7% 

1984 DM 30.67 +19.1% 

1985 (estimated) DM 38.29 +24.8% 

There are eight independent stock exchanges in Germany (Bremen, DusseldorL Frankfurt, Hamburg, 
Hanover, Munich, Stuttgart and West Berlin). Frankfurt and Dusackkxf are the two largest exchanges and 
most of (he major companies are quoted on one of these two. Ax present there are approximately 450 
companies listed on the eight exchanges. 

Given the strength and size of the German econo m y, tool equity market capitalisation as a percentage of 
GNP is relatively low, being approximately a third of that of the United Kingdom. 

Tbe German stock markets have benefited significantly from an improved ec o nomic climate since 1982 
a well a from substantial foreign purchases of shares. Net foreign buying of German shares has 
amounted to DM 7.5 billion in the first eight months of this year according to die Bundesbank figures. 
The FAZ Index, at set out below, has increased 39.1 per cent, in 1983, 8.3 per cent, in 1984 and in excess 
of 50 per cent- from 1st January, 1985 to 28th October^ 1985. As at 28th October, 1985 the FAZ Index 
stood at 574.90. 

Since 1981 tbe FAZ Index bas been traded consistently at between 10 and 14 times its average earnings 
per share (see below), and recently the index has continued within this range, albeit at die upper end. 

The exchange rate of tbe Deutsche Mark against Sterling will affect the price of the Company's shares. 
Germany is a member of the European Monetary System (the “EMS”) which, within certain Axed narrow 
ranges, provides for floating exchange rates between the currencies of its members. The United Kingdom 
is not at present a member of the EMS and currency fluctuations against tbe Deutsche Mark frequently 
occur. Since 1975, as shown below, tbe Steriing/Deutsche Mark exchange rate has declined from a high 
of almost DM 5.60 to its level on 28 tb October, 1985 of DM 3.77. 



FAZ PRICE INDEX MONTHLY 

OapnrtmKl 


n n 78 79 80 SI M 83 w 8S* 86* 

tom- fta h tl. An.iMi. ( F ndi fc n) 

"ExnwM 

PE RATIO 
(FAZ INDEX) 




73' 76 * 77 t 78-‘ 79* SQ. , 8I T JU ‘ 83*84 'tt 
■Swroc ftwww 

STERLING/DEUTSCHE MARK 
EXCHANGE RATE 


" 75 ' .46 ' 77 1 78 ' 79 ' 80 ' 41" 82 ' IJ ' 14 "8i' 
Sonne Bank m Lfedooaidn ifnaMUnj GmbH 



75 r 76 " 77 * 78 * 79 ‘ 80 ' 81 ' 82 * 83 * 84 1 85-' 
■frwnr Bawfc in t jcchwevrin (Fna*fan3 GmbH 


INVESTMENT POLICY 

The principal in vest m ent objective of the Company is to achieve capital grow th through tbe investm ent 
in publicly traded securities of max* - German co mp a n i es . This will mean that the majority of inve st ments 
will be in com p an i es which are included in tire FAZ Index. Investment selection will be based upon the 
detailed com pa ny research of tire Investment Adviser. 

The investment policy of tire Company will be applied flexibly to take advantage of changing market 
conditions with a view to producing tire maximum overall return. Tbe Company has the ability to invest 
in bonds rod other interest bestring securities and will do so when, having regard to market circumstances, 
the Investment Manager considers it advantageous. 

The Company will invest primarily in German companies whose securities are both quoted and for which, 
in the dpinion of tire Investment Manager, a sufficiently active ma r k et exists. However, wkhin'the Ilmira 


in the Opinion of the Investment Manager, a sufficiently active market exists. However, wkhin'the limits 
specified bckiw, investments in securities which ore unquoted or which are quoted ami traded only to a a 
limited extent may be made if, in the opinion of tire Investment Manager, the prospects for capital* 
appreciation appear Sufficiently favourable. Although it is tire intention to invest primarily in securities 
which are publicly traded on tire markets within Germany, the Company may also invest in securities 
denominated in Deutsche Maries listed oh a recognised stock exchange outside Germany, for example 
Luxembourg. 

Borrowings win be used in appropriate cirantt stances with a view to increasing tbe overall return of the 


Tbe Articles of Association do not limit the discretion of the Directors as reg ar d s in v e s t m e nt policy; 
however, the Directors will ensure than 

0) not mote than 19 per cent, of the assets (before deducting borrowed money) of tire Comp an y or, 
if tire Company has any subsidiaries, of the Company and its subsidiaries (valued at tire time of the 
loan or investment) will be lent to, or invested in the securities of any one c om p an y (other than 
those of a company which has beat approved as an investm e nt trust by tbe Inland Revenue or 
which would qualify for such approval but for tire fact that its share capital is not yet listed) 
including loans to or shares in any subsidiary of the Company; 

(ii) not mote than 25 per cent, of the assets (before deducting bo r ro w ed money) of tbe Co mp a n y or, 
if the Company has any subsidiaries, of the Company and is subsidiaries (valued at the time of the 
investment) will be invested in tire aggregate oft * 

. — securities not listed on day recognised stock exchan ge, and 

holdings in which tire interest of the Co m p an y and its subsid ia ries, if any, amounts to 20 
per cent, or more of the aggregate of tbe equity- capital (including any capital having aa 
element of equity) of any one listed company (other than another inv es tm ent trust which 
r . has. been approved by tire Inland Revenue or which would qualify for such approval but foe 
r . the foci that it' is not yet listed). 

The income of tbe'Conypjmy will be derived mainly from securities although int erest win be earned tin 
uninvested "Cash- ' Unizivcsjrd cash will normally he held in Deutsche Marks pending investment or 
temv es t mferi t, ' bin may ate be held in Sterling. 

The invest m e n t policy, as setout above, trill be adhered to for a period of at least three ye a rs following 
admission to tire Official List of tire Ordinary Shares issued and to be issued. 

Where, the Investment Manager considers that market conditions are such that it would be prudent to 
invest in interest bearing securities and tbe approp riate Deutsche Mark denominated securities are not 
available on suitable terms, tbe Company may invest in such securities denominated in other currencies. 
In such circumstances tbe exchange risk will normally be hedged to pre se r v e the Deutsche Mark value 
of the Company’s portfolio. 

The value of the O rdinar y SHot-c may he to flnematc with the IVutsrhp MaA /Strrflwg 

me. The underlying basis of the investments will remain in Deutsche Marks; however, if at any time tbe 
' prospects for die value of the De u tsche Mark appear in tire opinion of tire Directors to be rignifiramtiy. 
unfavourable, currency hedging may be undertaken to protect the value of the Ordinary Shares. 


INVESTMENT MANAGEMENT 

The Directors will be responsible for determining the investment policy of the Company, and for 
monitoring tbe performance of tire Company's portfolio. Tbe day to day activities of the Company will 
be carried out by tire Investment Manager which will have full responsibility for implementing the 
Company’s investment policy. 

Investments will normally be bought or sold after the Investment Manager has consulted with the 
I n ve stm e n t Adviser which will be responsible for giving to the investment Manager regular advice on the 
Company's portfolio and on investment opportunities. 

The Inve stment Manager will also be ride to lake advantage of investment advice from Savory Milln, who 
are sponsoring stockbrokers to the Company. Savory Milln are a leading firm of London stockbrokers with 
a large proportion of their turnover derived from trading in European securities. A subsidiary. Savory 
Milln International Limited, also operates an international dealership under Stock Exchange Rules 
spe cialisin g in market-making in European securities. They were among the fast U K stockbrokers to have 
such an international dealership. 

In this manner the Investment Manager will have continuous access to informed opinions from both 
Lond o n and Frankfurt. 

The Investment Adyiser is a member of the Frankfurt Stock Exchange, of the Frankfurter K a s s cnvcrein 
(tbe Frankfurt c lea rin g house for German securities) and of the Auslandskasscnvcrein (die German 
clearinghouse for foreign securities). The Investment Adviser was established in 1984 ami since then has 
achieved a reputation as one of the leading investment research institutions operating in the German 
markets. It is one of the few banks to produce in-depth analyses of individual German companies of the 
standard and quality d em a nde d in the other international investment centres of the world, such as New 
York and London. It has been aUe to attract subst an tial international funds to its management and has 
also built up a significant position as a broker. Bank in Liechtenstein (Frankfurt) GmbH is successfully 
providing investment, broking and research services not only to the individual investor, but also to fund 
mmugns and to international broken. The majority of its business is with international clients, and a 
s ubs tantial pan of its international brokerage is with United Kingdom institutions. 

T he manag ement board comprises five individuals each with considerable experience in a specific field 
or expertise and a backed by a staff of thirty individuals with experience in the relevant securities markets. 

Tbe management board of Bank in Liechtenstein (Frankfurt) GmbH, the Investment Adviser, it as 
follows: 

AMs K- Erbpciax xa Ldwtmtem. aged 43, is managing director in charge of money marker, 
5*32 tendiQ K operations. He was previously a manager of Merck Fine* & Co, 

Frankfurt, private bankers, where be was responsible for the intenutiaoal department, corporate 
banking and trust business. 

Ukkh Fcbring, aged 44, is managing director in charge of advisory services for domestic 
institutions, and privat e clie nts and of security dealing. He has twenty three years' experience of 
Uiesccurme sbtnu icss,noneen of which he spent with Effectenhank Warburg (WAG) and M. M. 
Wartwrg^Dckmann, Wim & Co. (WBW). Fo r fi vc years he headed the investment activities of 
***«* «®™mg the same position at WBW. Between 1980 and 1982 he occupied the 
p o tt D o nofmamging Sji ° 1 Investment GmbH. He has also been a member of several 

■ ,-*-*■* 

." * n . cl W e Of administration and operations. He was previously the 
“dnufusmuon department of Schroder, Munchmeyer, Hcngst & 
strain* m formulating orga ni s at io n , information and computer 

J °£ t van J? u# .administration committees and as a member 

on tnc Computer Co mm i tt ee of Tbe Frankfurt Stock 

° f *? ana * cmcnt - He h» worked in the securities 

wSftSo ,*****7*11?* ."fa** JPenr as bead of the foreign securities and 

1979 »* roi™* Schroder, 


of die bonk. A« 'IZt . « me enure porootio management sector 

~7.~T.yp7™, 51 me mbef ” tire supervisory board of SMH Investment GmbH he was also 
of special and mutual funds as well as for invesmumt racareLlS 
basserved as an adviser on numerous insurance and pension fund committees. 


The Investment Adviser's research staff includes the following individuals: 

TTlni Tnrlmii Pil ■ mil ■! an !» — r _ *. •% . . _ 


He Pfe** ■ role in deveiopl^lh? 

computerised corpora* analyses system. Prior to becoming a financial journalist. heSmK! 
Th oaaa M k h a t ise n . aged 28, is the chief economist. Prior to joining tbe In vestment Adtrlur ho 

DIRECTORS OF THE COMPANY 

Tbe following are the Directora of tbe Company: 

Sr David Lancaster Nfootma ( Cha i r man), aged 63, is tbe chairman of die Eurooren Aihwu* 
Board of the New York Sue* Exchange and was formerly chairman of BTR pteaSrfRotii^J 
International pJx. He remains a director of BTR pic and is a director of otiKrcomnanie&Henaa 

^ uro P ean Gommunity Association and is a forma Member 

y U tedm H cary_Wc«on Vdb, FLA. (Deputy C h air m an), aged 58, is a managing director of 
Liechtenstein (UJC.) Ltmited a Previously he was of Chancchousc laches nlc. 

Cbanetboose Petroleum pic and other companies. 

Hans Onistaph Grosconh, aged 43, is a m a nagin g director of Liecht en stein (U.K.) limited. 
Formerl y he was managmg director of Dcutscfa Skandmavische Bank (Luxembourg) SA. and a 
OMuat m Peursch Stanximavische Bank AjG. Frankfurt, in char ge of invganncnf banking. He was 
with Com merzbank AG frnra 1968 m 1978, 
corporate finance. 


THE GERMAN SECURITIES INVESTMENT TRUST 







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financial Times Monday November 4 198$ 


11 


tFnnkftmJGnAH and 

chairman of the Federal A*»SSn^(SJiS? “£*»«?* ““Wand 
Mercuiy Common Market Trust Hfy n P wu *?‘ He *dsoa foiwaor nf 

■gw Limited as sell »of } m oiS^I^SSp^^ **” Umilerf aod Meah 

Sff Frank Kmvm VnK^rM 


^ «mi«nana MCa ii 

B“I P) 05 Ho^nonc; Ui, Itoato 


.^ u^K^ Amb ^ » „« wi'SCKEiSESSSS; 

»f ChiMO 8USDH. 

mBQaaement and orivaic cUmt<SrriLru ^ Lmuted m charge of investment 

Comj Swy, y 3 Vl 5£' C * deal °C Tb f Nonhen Trust 

division. —«o, uunois, uwv, where he was in charge of the mtcnutioaal prime banking 


TOCGi™^^He' I v™v^^S °f N®**™* Westminster Bank PLC and The 

1981 id 19IU with nr [, -r? ^P^ 011 ^ Commission of the European Comtnunmes bom 

sS wsrsfas sassas-* 1 

wSS? S3, S 1 «S 1 «E mber * t™**** I FP resem “*8 d» OOP of London and 


ORDINARY SHARES AND WARRANTS 


3 i 5wn *.«* “ XMVWyOO® (before expense. and craranmfaro) by foe 

bXSrf JSSSS rSSLP *“*•« * pwS* ■ wS^ZmljSiion 

riniUrwh V^ u f ry l 1 *? 6 - ^ Orttony Sham now Mux issued win aide in tented 

ly. Thereafter, Ortlioary 



DIVIDEND POLICY AND ACCOUNTS 


P^fa « 7 »»lablc for dividends win bt very Embed became ihe rmu dWidewl vkW 
” . P« cere, per annum and tba would be- reduced tethcrW opeuatf 

Cta *2 E ^ respect of e«i accounting period, S 

is l ”°g; d»e Company’s income derived team shares andseonmes so as u> enable ihe 
Cctnpany to qu alify as ma mveanseat trust for United Kingdom m pmposev 

Ttegi^^^^tesada ctfsutptaw arisn^ £rom the realaaaoo of omsnaeus is prahihited by the Company's 

No dividend wOJ be paid price » ihe annual general meeting 10 be hdd in December 1P86. 

JgS/* a ! a * e! ? m . 3 ^« Anga» csch you. The fim accounts wfll be tethc period ton 
iw^poranoa to 3l« August, 1986 and ihe tea interim report wfll be te ihe period to 28tb February, 1986, 


DURATION OF THE COMPANY 


The An kles of Aj a opmo n of the Company require the Dtrectots 10 convene in each year, commencing in 1988, an 
cnreord w ary gencral naxpns for the purpose crftsonsldeitng a resohafem to wind up the Company, hoIcm « the annual 
ri ^. Co,Dp * I 7 held m any such year a resolution is passed releasing the Director* from sods 
2h2SSS5L-!!Sf “ n *°*’ dm ¥* wmcirt meeting a convened the Articles of Aaociatkm previde that tbe 
SMTen ouwmaU be bound to vote in favour of that resolution. If » trackmen) to Wind op the Company ha* net been 
passtsiby August I99S, under the Amdes of Association of the Company, the Directors are required to convene an 
eattw nruiasij jcneial meamg of the Company to be hdd in January 1996 at which a re so lu tio n will be proposed *0 
wtnu aptbecouipau; and the Articles of Assodation provide that shareholder* shall be bound 10 vote in favour of that * 

ItSOUktlOQs 


TAXATION 


Tbe fbUownm infonnattoo is based on the law and practice currently in force in tbe United Kingdom and Jn Germany 
resp ectively. If an mvestar bin any doubt about hi* taxarion position, lie ahonfai as cc naiu from bis pwfesriooal advisen 
tbe comcqtieuccs of his acq uiring . boIdiDg, or dtspasirrg of the Ordinary Shares and Warrants. 


The Company -will be resident in the United Kiqpkxn for urn purposes add it is tbe intention of the Directors to ensure 
that the Company wfll satisfy the c onditi o ns for approval as aa in va m nent treat laid down in reason 359 {as amended) 
of the income pM Corpor ation Tastes Act 1970 and tn apply annually to the Inland Revenue for such approval. Such 
approval is granted retrospectively for each teeauadag period of the Company ami, in respect of each accounting period 
for which approval. is granted, the wiQ be exempt from United Kingdom Bnq>ww on ha 

The Comp a n y win be liable to Voted Kingdom corporate] ax on fas income after drductitm at e x pe ns es a f 
man age men t and certain other charges. German withholding tax, currently at a normal me of 25 per cenL, -will be 
deducted from dividends prior to receipt by the Cooipam. Of die amount deducted, two fifths is redainabk Cram the- 
Goman uuc authorities and the remainder win be available m reduce tbe Co mp a ny 's liability to United Kingdom 
coi p o red oo tax .on that income eiijser by way of a credit against United Kingdom tax on that income or 

by reducing (he mm«<h of hvwnr 

The Directors. con ri der that the CoatpanyauD not be a dose company im m ediately following the Offer now being mate. 


Wted KbtgiViin aewkldtn and Wtarentheldre* 

With regard to dividend income, a shareholder who is resident in the United Kingdom te ux pmposes wiD be entitled 
to receive an associated tax credit corresponding to the advance corporation taa in respect of snrh dividend payable by 
the Company. 

With reganf id capital gaini, sfaarehoMen and wanamfaoiden may be liable to United Kingdom taxation in respect of 
gains artatnffon are disposal of Ordinary Shares or Wananta. The following proririoot aSftx the C3kxdauon.of; 
capital gains; . 

(a) die cut of tufaKribrng^for Ordinary Share* (with Warrants attached) should be apportioned between tbe 

Ordiaaiy Shares and the Warrants on the basis of their relative mines si tbe date of allotment of the Ordinary 
Shares, and those relative values are expected id be close to tbe relative values of the Ordinary Shares and 
Warrants an the date when they are firs dcafa in separately; - • 

(b) tbe Whams wiS nor “wasting assets” by virtue of section 138 of the Capital Gates Tax Act 1979 

and 00 their disposal (which includes ab an d onm ent) the tell cost of the Wsgantt vwD be allowed in computing 
any gate pr ten; and 

(c) die exercise by a uwantbokier of his right in subscribe for Ordinary Share* will not be treated ar a disposal 
of the. WhreantSL For tbe purposes of rnmptiring any gain or low on a disposal of auefa Ordinary Shares, tire 
original am d >he Wanania will be added rn ihr «i i h a-riptifin . pric e payahle on excrciie nfsubsc tt g i n n rights. 


ACCOUNTANTS’ REPORT 


i 


The following is tbe text of a report addrerad to the Direcma of the C o mp a n y Own Arthur Young, Chartered 
Accountants, the auditoa and reporting accountants of the Companr- 

The Direciore, Rods House, 

Tbe German Securities Investment Trim pic, 7 Rolls Buildings, 

1 Devonshire Square, Fener Lane, 

London EC2M 4UJ London EC4A VNH 

4tb November, 1985 

Gen tleman , , 

We report that Stamhcm Public Limited Company was incorporated on 19th September, .1985 and c han g e d in 
name tn The German Securities Investment Trim pic on 22nd October, 1985. Since incorporation no account* 
have been made up and no dividend* have been declared or psiri. 

Yours faithfully, 

ARTHUR YOUNG, 

Oour#t Atpmttuitf 


PARTICULARS OF THE WARRANTS TO SUBSCRIBE 
FOR ORDINARY SHARES OF THE COMPANY; 


1. Sabsxriptioa X%hn 

(a) A regisraed bolder fa “holdeO far the time being of a W*n*ux [which expression in there Farticntere s hall, im lcss 
the context otherwise requires, include the Crrtificsre therefor) shall have rights ^subscription rights”) 10 subscribe in 
cash cm each “subscription dace”, being 31 k January in ehber of the years 1987 of 1988'or on 3 for January in any 
subsequent year prior to 1991 if a resolution to wind up the Company has nos beta .passed prior to ute relevant date in 
accordance with the particular* referred to tsider “Duration of ibc Company*’ (or, if later, 30 days«ft« tbe dare in any 
tyrji year on which copies of the audited account* of the Company for its then imm e diately pi rattl i ng fin un c i a l year are 
dcspKched to sharehflWcnX fre, if ti» later of such dares shall not be a bustects day, oH. the next following botinca day), 
for the number of Ordinary Share* of tire Company specified in the Warrant at the price af/^perOidinary Share (“the 
subscription price”), payable in full on subKrqxum. Tbe number and/or nominal value of Ordinary Share* to be 
subsc rib ed aim the wbreripsion price will be mbfect to RSustnxm as provrded in paragraph 2(M-bcfow. 

(b) In orderio eaereise tbe stfafcyipboii right* in wbdle or in pan, die holder of a Waxrwii muK lodge it at dw office of 

the Regiana of the Company not later than the relevant sntemprion date, having completed the notice of subscription 
.■ I__J :r .Urii.ll rtw farm nf nominal inn whirfa is anlSilahle m ICOUCfi from the Re gm ti U * qf the Comoanvl 



are exercised. . unce toogca, a nooce 01 suwmpuua ju« w "Y- w ’“ 

ynw M Tiiatv ^. must rise be made with any statutory req uirem e nt s for the nme being applicable. Tbe subscription rights 
will not be exwcftiMc in respect of a fraction of an Onfinaty Share. 

fc) Not earlier than eight weeks nor Iwer than four weeks before each subaeription date tike Company shall give notice 
to the holder* of the outstanding Warrants reminding them of their subscription rights. 

(d) Ort&pw y S tores i**ncd ponuant to ihe mtra riac of suhacription right* ^11 be attorned oc Qwer fo m I4 ; dayva ficr.,and 
Sm a*Svs after the relevant anbsre^m dare to the pctsopl in^ws names die Waonma i*ie regteered ax the dare 

OD^^ed tea WarraM, the Company shall arthe ««* time issue free of charge a Eteafa Warnm indie name of the holder 
for the balance of bia subscription right* remaining exerdsaiw. 

fe> Ordinary Share* atiaaed ptustiam to the exercise of subscription rights will not rank for an* drmdead* or other 
afcdared. made or paid in respect of any finandafrear of tte. CngaSBf pnar to tire-^amaal yearc iiOTmt 
Mthf rricyr«wdBcriprioa dale. tea subject thereto will rank in Ml teali dividend* or odrerdambOn nMdeq a red, .m ade 
« p£dteiiMwrflSe*en current financial year sod otherwise pan jwaru m all reapeqs rorh. the OrAnary Sbme* in 
riua ris^ptmided that cm any aUounemg foiling ro be rode pu ntnmt m psrayapb 3 (0 below foe Onfanwy S tores 
StobeStaoedkball no* rank for any dividend or other distribution dedaredonade or paid 00 a dale (why reference 
to a record date) prior to the allotment in respect of the then current fa»« c n« l fear. 

rft AnoK cation will be made to tbe Council of TTie Stock Exchange for the Ordinary Shares allotted Bmsuam to any 
SwSc^Shseripdoo rightt to be admitted <0 the Official Lm, am) tbeCwnpany Mil use all reasonable endeavours 
to obtain the grant tbercaftwt later than 28 day* after tbe relevant subsaiptuxi date. 

tel Within 7 d«a following the final subscription date the Company shall appoint a trusteewho shall, wnhin I* da^ 
fSl^nTm«dS«rmwriaed that the net proceed* -Ofanymte wtxgd exceed tbesubmnpu rin coa^ ■e.erene snch 
rioht* aahave not been esntised sad aeH theOrdiiiary Shares acquired on such subsenputm and, witiun 
&»1 subscription dote, datritam U« o« pmceetis lea such Hlteeription costs pro ret* in the 
persons entitled thereto: provided that entitlement* of £2 at less *hall be retained for the benefit of the 1 


5o iftJtWo^brSSSSSilfSSd dare) on or before tire final sutoeriptfon aW atoiay fitily 

jSJs fatiMi riuni hv wav Of capimUsatioD of proflre ot reserves, or effect my sub-dividon or cansohdidon of ns 
^ 7hTSui^^tem«a»l)#l value of the Onfinaiy Shares in be subscribed on any subacqurat 

teretSrdSta^red or, « Ore rase 1 may bc,jrdu«dmXc 
Otcmse Of SUbifateiflP P gB ar]rr Mill hr actordingly. On an Sack eapualtetion, sub-divisxxi or 

die autoOTS?the tirabetag of the Company shafl certifyihe appropriaftadttn tinctK s ahd , within 2S 
iSof a Warram which wm speriiy the revncdbori. orrobscriponus, tecooual 

entitianentr being ignored- 


3 (ft below aptdla) i« n«a* » such faoldeA otherwise than tbe Company, then the 

JatewkkSE. ptoetne duUKtbe same time the same offer or iflvittDM is made » the then hoUcu 
oUgo^nariKhn had been cxereisable and had been taeeieiKd on the day Im mwluncl y 
of the Warmitta « ij'iS’KfiS offer or. invitation on (he terms (subsea » any adhwmem pursuant ro 


^ Uto or-inviatifrA on foe » W *#j“ “ 


W 


1 Other PPMfosw*. . . • . , ■ 

So long « atp sutacfipnon t dotributiou nf omAal profits or capital i x tea r a except by means of a 

W of telb paid Ordinrey Shares. CoSSscewitieilw way iifM*tilimtiWirfpttito 

it. M.fitrvdin«va«» issued to tire holder* of ireOafiaaiy Share* or fin) Op or byiefcrence 

*2M£32iSp^o4«>rM^ *** «*** wbwflpwa ^ ** mate «y sud. offer or 

^axrtwna&iify anachcd to it* among Ondhary 9i ares is ^ 

SF^HW^tsmrcsarf* voting, dWidcad oe csqjital; . _ _ 

/ 1 V ms ante UV Ordinary Shares credited a* fullypaM by way of eamOli^oa t£prafos or 

^ actraotdteaty (esohniou of the bolder* of foe WmranB, foe GotM; Wgii w 

(d) except wrt h repsymetg of capital Of iny reducaori of unaPed liabiHty in 

dfca SwUtoireSfiy^ion lSf» of foe Commute Act 1985 and renfon 

I985tff my stanawy Siendmem or reenactafl^foereef for foe nme bang m 
" Capis£ re4cmi ** >a rt * aW > BVQ * iric » <*V*'f**nx <x 

purchaec Its own shares; .... 


(c) (he Comprety shall keep available for issue ndflrirat authorised but atriaued diare capital 10 wMty in tell all 

SUbsCrjp&flD TigfaB wiwfli«»'m| i puF i r^aWi ^ 

if at any time as offer is made to all ordamr shareholders of the Coopuy (or sH such dutehoUresttbcrthan 
foe offeror aad/or any company cootroBed by tbe offerer and/or pasoo* srring in concert with tire offeror) to 
. acquire the whole or any pan of the issued ordinary time capital of foe Company and the Company becomes 
aware that as a result of soefa offe the right 10 can a nuicaity of tbe votes which may otriteatil y be an at a general 
meeting of foe Company has or will become vested in the offeror and/or such person or companies as nToresiid. 
foe Company shall give notice of inch wring re tbe tedders of the Warnm within 14 days of its hemming 
so aware, aod each such bolder shall be codded, at any rime within tire period of 30 days teunedtaudy following 
the date of sack notice, 10 cm Lire bis sdbscxipuoa ngtas on the terms (subject to any adjustment pursuant ro 
patagiaph 2 (a? above) no wfaicb the samp coula have been excrened on the UKpraoedmgaifotc a ptl ft o dam aod 
so that failing such exercise within such period such rights shall upon tire expiry of such period cease and 
determine? provided that if, during such period, such offeror (andte such other persons as aforesaid) becomes 
entitled to exercise rights of compulsory acquisition of Ordinary Shares pursuant 10 section 428(1) of (he 
Companies Aa 1985 ( or any sunnory amendment or re-enactment thereof for the rime bong in tecs) and grits 
notice in writing to any hornets of Ordiaaiy Shares that be intends re excrete such rights, tire Wananta shall be 
and remain exercisable during a period of 30 days from tire dree of such notice and to the extent that they base 
not hem exercised by tire expiry of tiw pened shall thereupon cease and detmatoc For tbe pmpoii: of this 
pa tag ra p l i the publication of a scheme of arrangement under foe Companies Acts providing for foe a cquisition 
by any perron or persons of the whok or any put of foe Oidinaty Shares of the Company foafi be deemed re 
be tire making of an offer. 

(g) if any order is made ox an effective resolution h passed far winding up foe Company (except for tire purpose of 
reconstrncrion, amalgamation or unirisarion on teens sanctioned by *n cxtisord m aty rreofmiop of for hofetos 
of the Wansmn), each holder of a Warrant will (if in such winding up there shall be a surplus available for 
dinribwuw in raqiccr of each OnSuary Share which, asuarung die foil cxerexsc of «D outsanaiiig reibsatetiao 

la* if immediately before tire dare of such order or resolution hi* 


rights bad been nerchaUr and had bens tanciaed in ten on. tire 1 
pangraph 2 (a) above) on wfaafo foe same could have been e 


iliubjreitoanyi 

_ . .. _ . jed cm tbe test 

suhscriptian date, and shall accordingly be entitled tx> receive out of tire assets available in tire 1 . . 
ptan with the hoUen of the Ordumy Shares such a sum as he would have received bad be hem the holder of 
the Ordinary Shares to which be would have become entitled by virtue of such anbscriprion after deducting a 
sum per share equal id the subscription price; fubjoet fo die faregataf ill wtacxipaoa right* shall laspre on 
l iq uidation of for Company; 

(b) the Company shall dot gnM (or agree 10 gram) any ogsioo imrcapcci of or create any rights at subscription for 
nj Ordinary Shares the nominal amount of which, together with ihq aggregate pOtmnal amount of any Ordinary 


Shares over which option* or rights of subscription (other than foe Subaoriptiouright* covered by the ^ Warrants) 
of such Bremers 


shall be subristing at the date of such gram or creation, would rawed in foe 
amount of tire Ortinaiy Share* then m issue, me (except with foe sanction 
holders of die Warrant) will the Company awni (or agree to great) any option in 
of subscription for, or issue any loan npril carrying right* of coavesrira into, ' 



which any snch option or right is earrtCMshk; is lower dun tire subscription price for foe time beans and 
(I) foe Company shah not change its financial yon-cod front 31s August without giving to tire bolder* of the 
a Dacha' written notice thereof and of the new date ro be substituted for 31sc 

Kill 



All or any of foe rights 

» bring wound up) be ahered or abrogated with the 


the time bring attached to the Warrants may 


of for Arricfca of A wort at inn for the 
the Warrants were 1 dsaa of 
. . Ire tire bolder* (present in pc 

of tire Ordinary Share* in respect of wt' ‘ 


SSSSflSSA*. 

at tire Ordinary Shares in tv 


meeting shall be entitled on a 1 
ry shall be entitled on a poll 10 one vote foe every 
a Warrant pr esen t in peison or by proxy may deroc 
wne defined is not present, those boidea of 1 
(e) tire period of notice shall be m lean 21 < 



tmte to time (whether or not the Company 
of an eamocdimgy retention of the hoklca of the Warrant*. 
: being of the Company as 10 general meetings shall imtautx 
n fanning pvt of the capital of the Company but so that (a) 
or by prtuqr) entitled to acquire ose-tithd ta nominal amotmc 
tasabte, (b) every boUer of a Warrant present 
vote and every such holds proem in petaoo 
for which be ia entitled ro subscribe, (c) aay 


1 or ioin in demanding a poB, «Q if atony amounted meeting 
•ream* who are then preaenz in perron or by proay xhaU be 


Tbe Cntmsatsy and its subsidiaries shall have tire right to purchase Warrants in foe market or by tender available to all 
holders of the Warrants ahke or by private treaty at a price not in excess of the average of the middle market quotations 
foe foe Warrants taken from lire Suck Rvrfcawgg Daily Official Lis for the previous 10 dealing days or, in foe ate of 
m purchase through foe market , at the market price provided (bar h is not more titan 3 per cent, in excess of sttch average. 
All Warnm* so p t n chamd shall forthwith be eaireellrd and shall not be available for reissue or tenlc. 


A Transfer 

Warrants shall be registered and will be transferable in integral multiples of 00 c Warrant by instr um e nt of transfer in any 
usual or conusois font* or in any other farm which may be approved br foe Duecun. No aaatfer of a right to wbreribe 
for a fraction of an Ordinary Share may be effected. 


7. 


(a) Tbe Company will, concurrently with the issue of foe unto to ha ordinary foarcholdcis, send to each reginered tedder 
of a Vacant (or in the cue of John boMem to foe fint-named) * copy of eatib published Annas! Report sod Accounts 
of the Company, together with all documents required by law to be annexed thereto, and copies of every statement, notice 
or circular issued to ordinary shareholders. 

(b) For the propose of these Particular*; “extraordinary resolution” mea n s ■ resolution proposed at a meeting of ihe 
bphkn of the Wammn duly convened and held and psmed by amajoriry consisting cf not less than force-fourth* of tire 
votes cast, whether cm a show of hands or on a poll; and “burinci* day” means a day on which buta ia Scotland are open 
for business. 

ft) If any of the events referred ro ia paragraphs 2 (b). 3 (f) and 3 (g) above shafl occur prior ro the 6m subacriprion due. 


the paragraph concerned shall betead andconmied m relation to that event as if the words “first subscription date" 
substituted far tire words “last preceding subscription date”. 


GENERAL INFORMATION 


L HitBny vi ■>■■■« i^ini 

(a) The Company was incorporated to England as a public limned company under foe Co m pa nie s Aa 1985 on Kkh 
September, 1985 (regtwefed number 1948619) with an authorised share capital of £100,000 divided into 100,000 
Otmnory Shares of £1 each of wfareb two bare been issued 10 foe subscribes* to the M on uiaudwa of Asso ci ation and 
*rc included in this offer for subs c ription. 

(b) Tbe CeomanywHlncorpoiasediaiib tire name Stantirem Pnfafic Lhniwd Company, Hie name oftbeCompaisy was 
changed to ‘Toe German Securities Investment Trast Public Limbed Comp any txi 22nd October, 1985. 

(c) On 21rd October, 1985 tire subscribe!! <0 foe Memorandum of Association Bxnsfexred one nil paid Oidinary Share 
. n Liechtenstein (tl-lL) l imiwH f L(U JCJ") and one to a thud perron sa nominee for LfUJK.) and to L(UJL) jointly 

and LffJ-K-3 agreed to subscribe for a farther 49,998 Ordinary Shares of £1 each at par. Such Ordinary Shares' were 
alloned-s! par to L(UX) on ■ renounccable letter of allotment against payment by LffJJL) of 25p per sbare to cadi, 
leaving 7Sp per share nominal value sibjea to calL The Company alio agreed » tenre IQyOOO Warnm* (to anbseribe for 
Ordinary Share* of £1 each rat tbe mm fo “Ftrticuiont of tire Wamma ro Subscribe for Ordinary Shares of tbe 
Company” above) to L(U JL) to be attached to tbe SOyOOO bored Ordinary Shares. The term* of imue of the SOJOOO issued 
Ordinary Share* which are all tadiadrd in the offer for subscription and tbe replication moneys relating to which will 
be accounted for by tbe Company to L(UX,), provide fan: a further sum nf 25p per share will be paid by LfUJC) (or 
its nominees) m the Company not taut than 10-00 am. on 1 2th November, 1985. 

(d> On 23rd October, 1985 resolutions of the Company were pasted where b y : — 

(j) the authtttiaed share capital of the Co mpany was increased tn£12^0flj)00 by tire creation of a further 12,400^000 
Ordinary Shares of £1 each; 

“ (H) the Direcrocs were, pursuant to section 80 of the Companies Aa 1985, g ive n authorit y and empowered, in 
1 1 reptxdance with section 95 of that Acrm ifrecDan £9(1) (hereof did rax apply, m alloc and ro make offers or 
‘ a gree m ents in allot relevant securities up to the ■maunupf'foc in creased authorised share capital (both such 
authorities expiring as the condurion rf tbe fin* annual general meeting of the CocQpany^ apd 
(lit) tbe Company amendrd dame 4 of tbe Memor an dum of Associ ati o n. . 

(cl On 3Ut October, 1985 a resofotion of foe Company was passed whereby foe Company adopted new Ankles of 

Association. . 

<0 On Z5tbOaobcr, 1985 the Company obtained a certificate under scoter 117 of the Cn mp a mr s Aa 1985 authorising 
it u commence bus riicv s. 

(g) Sore as disclosed ia para graph 3 bdow?— 

(0 no commissions, discounts, brokerage* or other special term* have been granted by tire Company in copneqton 
with tbe issue or sale of any share or loon capital of the Company; and 
(ti) no share or loan capital of tbe Company ia under option or agreed condbionally or unco n d iti onally to be put 
under option. 

(h) Following the c o tapkrinn of this offer for subscription 6£00JD00 Ordinary Shares could remain unissued. 

Q) Save as diad o sed above no issues of share capital hart been made by the Company. 


2. M — t md aa and Ankle* Of Aawisltm 

The Memorandum of Association of tbe Company provides that the Company's principal objects are to carry on the 
bosmeia of an mvcstmait truss compnoy, and to Invest the capital and other maocys of the Company in the purchase 
or upon the security of shares, nodes, debentures, debenture stocks, bonds, traded options, trills, certificates, taxes, 
mortgages, obligations and iccu ri rim of any kind issued or g n a t a ntrad by any company, corporation or undertaking of 
whatever nature and wheresoever ctanfouKd or carrying « burines* and rirerex stocks, debentures, debenture stock*, 
bonds, bilk, certificate*, notes, currency, mortgages, obligatio n * and se c uri tie s of any kind issued or guaranteed by any 
y w e« » orat , wme, dominion, ednny, sovereign niler. c nmmhHo ncra, trust, public, immkipal local or other authority or 
body of whatsoever nature, whether at home or abroad and tufas of and other right* in unit tnms, mutual tends, collective 
inve s tmen t undertaking* and other bodies and entities and to ptncfaase, sell or deal In any finsndal future contract* of 
any kind. The Objca* of foe Company are set otn in ftrilta dause 4 cf the Me mo rand um of Aswdatipa which is available 
for inspection at either of the addresses specified id p aragraph 8 below beaded “Document* ovattabte for inspection”. 
Tbe Articles of Association of the Company contain, inter alio, proriaons to foe foUowfag effect— 

(a) Voting 

tn '’■W i ffvh*— v”” * 1 «f * member in the event of nbo-pasmxsu of aay calls or other moneys due and 
payable in respect of any shares or non- comp lia nt* with a aramtory notice requiring disclosure as to b en eficial 
ownership ana subject to any special terms as 10 voting on which any shares may be held, on a show iff hands 
cvere member present to pemre shall have one vote, and on a poll evety member present to person or by proxy 
shall have one vote te every share held by him. 

(b) Bammatt poutrs 


Tbe Directors may exerese all tbe powtra of tbe Company to raise or borrow money sod to mortgage or charge 
1 bosh present rod futme (including uncalled capital) and, subject 10 section 


in undertaking, property and assets . _ 

80 of the Companies An 1985, to issue debentures, debenture stock and ocher securities whether outright or as 
a collateral secorii* f or any dete. Liability or obiigtdoo of the Company or of any (bird party. The Dbecras shall 
restrict the bonowmgs of tire Co mpan y and eaercfac all voting and other rights or p>wc»« of control e x er cis able 
by the Company in relation to its subridtarier (if any) » at ro secure (as regard* nfawdarits only so far as by such 
zeroise they can secure) chat foe aggregate amount for foe time being remaining outstanding of ail moneys 
bottomed by foe Company and in subsidiaries (other than from any of such companies) shall not, without foe 
previous sanction of an onlinaiy resolution at the Company, exceed the aggregate of tbe amount paid up on the 
issued share capital fafthe time being of tbe Company and the amount standing » the aedii of foe revenue and 
capital reserve* of foe Company and its subiidiadcs (all as *« out fax tbe Article* of Association). 

(c) G&iud retervefund 

Every profit resulting from any dealing with, valuation nr revaluation of any opted asset of the Company or of 
. any babafty of the Compare Incurred in the ac qu ititi o n or financing oft capital asset aod afl other profits which 
are of a capital nature arid all other monies in the nature of secretion to capital shall be credited to ■ capital reserve 
fond to be maintained by tire Company. Every loss resulting bom aay such dealing, valuation or revaluation as 
aforesaid or any other fare which ia of a capital nature may be charged agatesc such capital reserve tend or agatmt 
any other tends Of tbe Company. Tbe sum standing U the credit of die capital reserve tend shall not fa any 
cficnmsanca be available for duttOmioa but subject as aforesaid may be employed and dealt wfah ia such 
manner » the Director* think fit. 




All ok any of foe right* or privileges anadilog to any class of share may be varied or abrogated either with far 
contcm in writing of the tedders of not less than three-fourths of the issued shares of that dais or with tire 
sanction of an enrinri&naiy resolution passed n a separate meeting of tbe holders of such share s, 

(e) Director? 

(j) The number of Duccnn it tuo and the auudinuin ten* 

GO No ibve dull be 

(Hi) Subject to the pro visi on s of tbe Companic* Act 1985, the Directors may Grom time to time appoint one or 
more of their number to foe office of Oraimian. Managing Director or any other office on such rerun as they 
think fit and, subject to the terror of any contract b et w e en aim tad (he Cotry ay , may sr any tin/e revoke any 
such appointment. A Director appointed at Chairman or as Managing Director shall not, while holding such 
office, be subject to reoremem by rotaaoo « be Ukaj into sccotim ut determining foe rotation or tcnretnem of 
Directors. Aresth annual general meeting one-third of foe Dircetora who are subject in retirement by rotation 
(or the number nearest m bur not exceeding ortefoud) shall retire by rotation. 


trio Subject 10 fac pcorisons of the Companies Aa 1985, aOnbctor may hold snyofaet office cr place of profit 
under die Company (other than that of auditor) fa cnttjunrt ion with his office of Dirteteff 


r for web a period and 

- on sudl tOBB (as to remuneration and otherwise) as the Direwora may determine ^ and rat Direaor is daquafified 
• by hi* office from contracting wtfa the Company or a liable w *ceouni to ihe Company far any profit realised 
by any such routed by nsma of such Director bedding dm office. 

(v) The remune rati on of the Director* shaO not in aggregate exceed £20,000 per annum, in such pcoptrtion at 
may ban time to time be decided by rerobni on of the Board, ee such greater amount at shall be determined by 
onfinaiy reaotunon oT a general meeting of the Company. Such remuneration shall he deemed to acciue from 
day to day. Tbe. Director* may also be paid all reasonable ea p en s cs properly teamed by them in attending 
meetings or ihe Dnctaoxg, any commioce of thettrecton, general meetings or separate matin** iff the balden 
of any clast of shares or Otherwise in or about the business of the Company. 

(vQ Any Director who upon request performs any extra or special service* or goes or reside* abroad te any 
purpose of foe Company shall be entitled ro receive such mm te rtpen s cs and such Npuuemtea as the 
Diiecmo may think fa, other fa addftioo to or in substitution for any other remuneration he may be entitled 10 
xrcdvEi 

■ (tiff 1 Save - ta nrisiion id certain specific cxccpuods 'gwvfifed tn the Anidef ffifaamfiffbff (handy e a neetntug 
the riving of security in respect of mooey lem by a Director or obligations wtilMtafcriffiy'Siai te the benefit of 

w u a { Copgoay te t ^ ar 

.jfgnaa w t w yoc mdcpuuty or by the gritea of security, any contract in whiqcatttsp tengea to _vgtuc of tus 
itteffAmrifflei, debchwrm K other seennrifs of the Company, any conBkB^/^KfoooteJfiawmu; shares, 
any contract with any ocher "y where foe Director's interest does doreflwSH peri aennor any class of 

equity dhtfe -capftrt or of foe voting rights available m tnembaa, propMtd*. oanRH]UflCva*eaion scheme 
approved by fac Inland Revenue or any muter connected with an employee share scheme approved by fac Inlind 
Revenue other than the gram of any option « sDocationof any ihwes or aay ofaer matter concerning his 
individual participation), a Director vfan not vote on any resol up 00 or he counted ia (be quorum present at a 
meeting to consider any resohshm in regard to any comma, arrangement or proponl in which he has a material 
iattrcroSgbjectrofaeprovaiowof foeO?ny«mca ActlPBS, the Company m»y by onflaaiT re sol ut io n sus p end 
or rdax such pterision to any extent or ntiqr anything dot duly authorised by reason of such provakm. 

(vffi) No pesronibaQ be damratifiedfawjbetag appointed a Director and no Director shall be required n> vacate 
hla office by reason only of the fact that he has atuioed foe age of 70 yean or any other age. aor shall h be 
iwrrv wi i y m giw- yarial Hrafeg nr rmnrfy with any ether special foimaliiv in cponcctinn with (lie aflo ofagmenc 
of a Director over a specified age rave that in the case of foe appotermem of a Direaor who has attained the age 
of 70 his age shall be stated id the notice convening the general meeting (or in any accompaoyipg document) 
ai .which be is propo se d 10 be elected or nscfected. 


(nOTbe Directors on behalf Of the Company may pay a pension, unuuy. allowance, gratuity or other benefit 
to any Director ta 1 employee who has held any salaried office or place of profit, with the Company ot any substdiary 
of oc any company associated wtfo the Company, or business acquired by, any of them or to hh relative* or 
dependants and may mails contnbutions to any fund and pay prcouutu* for the purchase or pqrmem of any such 
ir » lP «Hi l mnmry, allowance or gratuity and may make payments for or towards for insurance of any penon- 


m sSto Sfocraavirioo* of foe Companies Act 1985, foe Drteaon nray aita, issue, gram options owr. mw 
~. * -..*** hq .iwni* te or otherwise dispose of the unissued shares of the Company 10 such pmom, at such 
times ami upon such raws and condition* as ibey may determme, iialea foe Compaoj' ifl geoml mening shall 
ofoowise resolve. 

® ll^Mtean&Bet are in registered fixm and nay be transferred by instrument of transfer in any nsul or 
cameo farm or ia aurii other farm as the Direstore may approve. The instnunrm of transfer shall he executed 
by or cat behalf the transferer and, in Uk case of a ptrtiy paid share, shall be executed by « 00 b^aK of foe 
JLad&sc. The txaaafaror shall be deemed id remain the homer of foe share until foe name of the transferee n 
emend In foe Register hr respect thereof. The Dhennn may in foeir absolute thsaeuofl and without giving any 
reaa» refuse to register a transfer of any share which t» aw fully paid, or of any foam ro mote than four 


A.t FUgUimA onf (f^nhffwi of m iianivuR 

The boUeie of foe Onfmarr Shares are entitled pari passu amongst foemsefrei in proportion 10 ihe amount paid 
on them »n to foe whole nf the profits of ihe Company pad out as fovHknd* (Which 

aj i fit ariateg hero aitf dealing with, valuation or revaluation of investment* or other capital 

assets) and foe whole of any surplus in the even of foe hquidauon of the Company. 


v (tendoxi (or a period cf 12 yean after having been declared may he forfeited by, and shall 

1 revert to, tbe Company. 


0) 


ef tlu CtsKfuny 

„.ww ore sequiied » convene an extraordinary general meeting of foe Company to be held in January 

1998 at whiefa a resolution will be propooed to wind upibr Companr. the boUen of Ordinary Shores are hound 
m vote in favour of such a rerolution. la addition foe Dircemn are required to convene annually (commencing 
ia 1988) on exnaardmny general meeting for foe purpose of considering such a resolution unless n the annua! 
general n —« " ig of fast year a resolution is passed releasing the Directors from such obligation, 

(ki <'- ■&! am rdorax amdJbtfimaK 

(i) The Dmcaoa may from time m time by rerolution make calls upon foe roemben m mpect of any moon* 
awreid oa that shares (whether on account of nomteil value or prenpu®.!- Each memba shall, subiect u 
at least 28 days* Boric* from the Company specifying the time and place of payment, pay ro the 
Company IK foe time and place so specified the amount called on ha shires. 

(id The D m-r^n may if they think fit receive any payment hi sdvaan of a call and may pay wttre thereon 
at such rase dps e x ceed in g the appropriate me fas defined in the Companies Act 1985) as may be agreed between 
the DSrecmo and the member. 

(ui) Any sum crflcd in respect of a share which is not paid on or before the dree for payment shall onract uiwrrvt 
firm nut dare until foe time of actual payment at such rare o» foe Directors may determine but not exceeding 
17 per ecu. pet ann u m . 

(iv) la foe cose of mint tedder*, foeir tisbitiiy to pay a coll and interest faercaa shall he joint and several. 

(v) Tbe Comptny shall have ■ first and panmotau lien on every partly paid share for all money* called us respect 
thereof, 

<vi) If a member foils ro pay foe amount of a calf <xt the due dale far payment, foe Dimmsra may at am euwc 
thereafter serve act him not less than 7 days' notice requiting payment thereof, together wuh accrued ustcieit, 
at such place as » verified in foe notice which shall also state that in defoah foe shares in question will be MWe 
tobeforfebed 

(vtix If foerequirefiicmxof the last mentioned notice arc not complied with, ihe relevant shares may at any time 
thereafter, before payment has been made, be forfeited by revolution of foe Board whereupon they may be sold, 
re-aUoacd or otherwise disposed of to such person and on such Irani as the Directors think fit. 

(viu) A re iwwr whose (hares have been forfeited ihall cease 10 be a member ia inprci of those shares ten shall 
notwithstanding the forfeiture remain liable to pay to foe Company all moneys payable by him to the Company 


3L A g ree ment with U ccli t rn H on (LUC.) Lam! ad, e xp en s e* of knne and net pmood* 

By act offer foe sgreetnent dated 4ih November, 1985 and mode between the Company, its Dirccton, Rank 

in Liechtenstein (Frankfurt) GmbH, LftJJC.) and Savory Mil In, UL’.K.) has agreed, conditiotully upon the admusim 
to tbe Official Lin of Tbe Stock Exchange of the Ordinary Shares and foe warrants, issued and now bring issued, 
becoming effective trot later than 14<h Nove mb er, I98S, to subscribe or procure subscriber* te 5.000.000 Otdinan 
Stare* (with Warrants attached) and ro use reasonable endeavour* ro procure subscriber* for the balance of 5^XW.UW 
Ordinary Shares (with Warrants attached). The agreement contain* certain wamunuci and indctnnitm pi veil bv the 


Direc to r*, the Company and Bank in Liechtenstein (Ftankfun) GmbH and tray be rescinded by L(L<.K.) m certain 
al cncumsances. Under this agreement the Company will pay to UK.K-) or Savory MiUn a commission 01 2 


exceptional t _ ... 

per cent- (pirn Value Added Tax) of the suhserrotioa price of foe Ordinary Sham allotted to person* who have already 
indicated to LfURL) or Sremy MiUn respectively (heir intetuiofl ro appfv for shares, aae half of which comrauuon will 
be paid to such penaa*. A commission of ] per cent (plus Value Added Tax) will be pud by the Company to rceogtutcd 
banks, srockbrofcm, aoBritwa. aemittams and other recognised financial imerrncduncs, on applications (to foe earn* 
that they ate accepted) bearing foeir stamp and value added tax tcgistniion number (if tyfocablr). Thtm conuniuUin will 
not however, be paid in respect of aDocatiom made to person* who have already htdicMcd to LlUK ) or Savory -Mtiln 
foeir totenrioo to apply te shares to foe extent that they so apply. The Company ha* also agreed to pay* fee to UL'KJ 
of £75,000 (pha Vmtac Added Tax) and a fee ro Savory MiUn of £25,000 iplu* Value Added Taxi and all other cow* 
and ex p rau g of and hyjdewal 10 foe issue ( excluding any applicable Value Added Taa) including the expense* of 
printing, advertising, chculanng fob offer for subscription, regatnrs' charge*, listing fees, the receiving bankers' charges 
and fac* of the reporting accomtiaws and of the solicitors. These commiutons, fees and expenses are minuted to amount 
tn appraxitniety £400j000 (excluding Value Added Tax). After meeting these commiaions. fers and expense*, together 
with capital duty at I per Cl - nt of the subscription price of the Ordinary Share* aliened pursuant tn for* oner (or 
aatoc ri pu on, die net proceed * of the issue, which win be available to foe Company for investment, are expected hi be 
betwe e n £9,4SOjOOO (atsumtnff tell subacriprion) and £4.55(LOOO (assuming foe minimum Mibrenption of 5,000,000 
Onfinaiy Shore*) once foe Ordinary Shares have been telly paid up. The balance of the amount payable on each Ordinary 
Share is SOp and is payiblc on 28th February, 1986. 


( s) The Directoc*, whore names are set out to ‘‘D ir e cto rs of far Company" above, *0 of whom are nan-executive, nuv 
be contacted, te the cue of Mcurx. Weil*, Groscunh and Romanoff, at ] Devonshire Square, London EC2M 4UJ, and 
! of foe other Director*, as follows?— 


Howicks, Duusloid, Surrey 

GueldeiuoOetweg 44, D-6380 Bad Hamburg. Gcrnuny 
29 Kemmaion Court Gardens, London W 
35 tiertbonroe Park Road, London W2 


in the 1 

Sir David Nicotoa: 
tifaUgane Reuter 
Sir nana Roberts: 

Christopher Tigendbai: 

(b) The Directors, inefixfing foeir tounediate ftwWWe*, mtead id acquire beueflciaily foe number of Ordinary Share* 
(wnth Wanams anachcd) set out bdow: — 

Same of Director Number cf Ordinary 

Sir David h&colsou 5,000 

Malcolm Veils 5,000 

Christopher Tugeudhai 2,000 

Sit Frank Robots 1,000 

Rostislav Romanoff 1,000 

At the dote of this document, neither foe Directors nor thetr immediate families hove any interests to ihe onfinaiy share 
capital of.foe Company. 

Gc) No Director has any servire agreement with the Company. 

(dQ Save a* discimed in paragraph 5(d) below, there are no tramaaioas which have been entered into by the Company 
- since incorporation in which any of foe Direcwn is interested and which are or woe-unusual in foeir nature 01 conditions 
(a significant in rehtion 10 foe busineH intended to be carried ou by the Company. 

(e) The promoters of the Company are LrfJ.KJ and Savory Milin. No «mounl_or benefit has been given ro any such 
promoter throe (be incorporation of (he Company and, save as described in paragraphs 3 and 5(b), none is intended to 
be paid or given, ofoere than as lawful brokerage fees. 

<fl Tjhe Directors ore aware of the following interests which, immediately following the offer for subscription, will, or 
may, depending oa foe fcvd of applications, amount to 5 per cent or more of foe Oidinary Share* of the Company, 
assu m i ng the issue tn be telly mbjeribed. — 

Number ef Ordinary Sham 

Stanford Brandt Limited 500fi00 

BiL Securities Limited 2,500,000 

Caviapen lovestmcno Limited 750,000 


Save as disclosed above, the Directors are not aware of any aha 1 penon who, following the offer for subscription, would 
be required to dndore an interest in the ordinary share capital of the Company under Pin VI of the Companies Act 1985." 


(g) The aggregate of foe rcawnraatkin of the Directors will be £17^00 per annum and the Directors will receive no other 
•tnahmiefss. 


5- Material Oonoacta * 

The following contract*, 001 bring comiiOs entered into te the ordinary count of business, have been entered into by 
foe Company since its incorporation end are, or may be, material— 

(a) the offer te atfoKriptiou agreement referred » in paragraph 3 above; 

O’) foe managrmau agreement dared 4fa November, 1985 between foe Company and L(VJL) in respect oTthc 
provision of uvesment management services to the Company fora quarterly fee of 0.25 per cent, of foe value 
of sharchoiden’ funds (which are defined therein) such fee bring payable quarterly in arrears. The agreement 
cratatepTovitiom indemnifying L(U.K.) against any liability not due to Us negligence, wilful default or breach 
of duty. The agreement is terminable by 3 mouth*’ notice given by either party 10 the other, 

(c) the investment advisory agreement dared 4th November, 1985 between the Company, Bank fa Liechtenstein 


(Frankten) GmbH and LRJ.KJ te rasped of foe pro v ision of investment advisory se r v i ce* by Bank fa 
Ltochrensirin (Franftfanj GmbH to the C omp a n y and to LfUJL) in connection with the Company *» investment 
portfolio, any fee to be agreed from time to time and 10 be payable by the Company. The agreement is terminable 
by three month* ’ written notice given by any party to tbe other two parties. 


4. Taxation of dMdead* and dtrt ri h nfinnt 

W Under current United Kingdom tax legislation, the payment of a dividend by the Company will give rise »a liability 
10 account to the Inland Revenue fox an amount of advance corporation taa (ACT) al a rare which « currenriy 3/7fos of 
tbe dividend paid. Consequently, the ACT liability with respect 10 a dividend currently equal* 30 per cent, of foe total 
of the dividend and araorii red tax credit. The amount of any tax credit attaching 10 dividends received by the Company 
from United Kingdom resident companies may beset agaum the Company's liability to ACT. For shareholders resident 
te the United Kingdom, an amount equal 10 tbe ACT liability in respect of the dividend received by them is available 
•* 4 tan credit, which individual shareholders who are SO resident may set off against their total incurred tag liability or, 
te appropriate cases, reclaim te cash. A United Kingdom resident corporate shareholder will not be liable to United 
Kingdom corporation tax on any dividend received. Persons should consult foeir own ux adviser! about their personal 
positions and foe poatibOity of claim ing tax credit* equivalent to foe ACT paid on foe dividend. 

Whether a shareholder who is resident in a country other than foe United Kingdom is entitled to a payment from foe 
In l and Revenue of a proportion of foe tax credit in respect of dividends on bis shares depends upon the provisions of 
any double tax convention or agreement which exist* between that country and the United Kingdom. 

Persons who are not resident fa fac United Kingdom should also consult (heir own tax advisers on tbe possible 
■pp jtah i H ty.of *ud* prortanns, the procedure te claiming payment and as ro foe relief or credit which may be claimed 
in foe jaradictian in whxh they are resident. 

fa) In far event of a winding up of foe Company foe Directors have bees advised that, under present taw, the receipt- 
of distr ib u t io n s; in the liq uid ation of tbe Company would normally give rise id a disposal or part disposal of shareholding* 
in the Company far the purposes of United Kingdom taxation of capitai gains. 


7. General 

(a) The Company has not since ire toctxponuon been engaged in and is not currently engaged fa any legal or arbitration 
proceeding* nor, so for as the Directors are aware, are there any legal or arbitration proceedings pending nr threatened 
stains foe Company. 

(b) At fac date hereof ihe Company has no toon capita) (whether issued or created but unissued) lam loans (whether 
or not guaranteed or secured), or other bo trowing* or fad etarediua in foe nature trf borrowing, rod ufang hank overdraft*, 
l ia bilities under acceptances (other than normal trade btUs), acceptance credits, hire purchase commitments, mortgages, 
charge*, guarantee* or other coniingcM liabilities. 

(c) There has been no signi fi cant change in the trading or financial position of foe Company since its incorpor ati on, 
fd) Arthur Young have given and have not withdrawn their written consent to the issue of tfur document with the 
i n c lus i on therein of foe Accountants' report set out above te the form and the context fa which n is included. 

(e) It ta the -intention of (be Directors so to conduct the affairs of foe Company (hat it satisfies foe requirements for 
qualification as an inv estment company laid down to section 266 of the Companies Act 1985; the Company has given 
notice to the Registrar of Companies of its intention u) carry on b aiines i a* an invertmem company pursuant to that 
section. 

CO The principal place of busmen of foe Company i* u 1 Devonshire Square, London EC2M 4UJ. The Company don 
not have and ha* nos had since its incorporation any employees. The Company bat no subsidiaries. 

(g) Each dividend on foe Ordinary Shares will be paid to those holders of Ordinary Shares on the register of members 
on the record date far such dividend. Such record date will nonnaUy be 4 to 6 weeks before ihe (fate of payment. 

(h) If 10 per ccm, or more of tbe vexing capital af the Company should remain unissued fallowing the offer for 
sulxcnptioa made hereto, /diartgardteg tbe shires reserved for issue against excreta* nf the Warrants) no ajartnoJ issue 
of shares (other than iofo*ithohteapn> tarn to exis ti n g holdings) will be made within one year without prior approval 
ef foe shareholders of the Company in goxni meeting. 

<0 The Dircetora are of the opinion that, having regard ta foe net proceeds of the p ro pos e d offer te subscription, tbe 
Company will hxvp sufficient working capital te in present requirement*. 


8- .Dntmaena forfaapoctimi 

Copies of the following will available for Inspection at the offices of Pfe sh SHds, Grindall House, 25 Newgate Street, 
Loudon EC1A 7LH and u ihe registered office of the Company during norm al business hours on soy weekday (Satuntavs 
end puhUc holidays excepted) far 14 day* after publication of fob document*— 

(a) the Memorandum and Article* of Association of foe Company; 

(b) foe report from foe Auditors set out above; 

(c) the materia] co n t ract s referred id in paragraph S above; 

(d) foe. conaem xefetred to in paragraph 7(d) above. 

Dated 4b November, 1985 


TERMS AND CONDITIONS OF APPLICATION 


L The ewer created by aocqxance of applica t ions in the manna herein set ora wfll be condifamaf upon all foe partly 
pud Ordinary Shares of£l each ud Warrants in^ The German Securities Investment Trust pic (foe -Company”), issued 
and to be issued, bring admitted to ihe Official List of Tbe Stock Exchange and such admission becantuwcffcctivc in 
accordance with The Suck Exchange’s rules not later than 14th November, 1985 subject only to posting Lencn of 
Allotment . “ Liech tenstein (U JL) Limited rescinds the offer for suhscrjpiioo agreement in accordance with its tenns, 
foe *aia contract wal abo be resriaded without liability. Application moneys will be returned (without imereti) if such 
zustioa docs not become effective by thtf dale or if such rescission occurs and, in die meantime, will be itulonl by 
? Raj»l Bank of Scotland pfc in a separate Bcttum* 


THE GERMAN SECURITIES INVESTMENT TRUST 


Continued over page 








t*sav*asr\nd km4m a a r*aSrxr*vcZfx’ .'m — - ■ 


12 



THE MANAGEMENT PAGE 


Financial Times Monday November 4 1983 


EDITED BY CHRISTOPHER LORENZ 


TODAY Leu Peach moves into 
tie largest and one of the 
toughest personnel jobs in 
Europe as the first personnel 
director of the UK's National 
Health Service. 

The first occupant of this slot 
would be interesting irrespec- 
tive of background. But Len 
Peach's appointment is doubly 
Intriguing because he Is mov- 
ing on three-year secondment 
from the aggressively commer- 
cial atmosphere of IBM. where 
he has been personnel director 
of mars British subsidiary 
since 1971. 

In its own way, appointing a 
top IBM executive to improve 
the performance of the health 
service — which employs some 
lm people — is as dramatic an 
example of the Government's 
faith in private sector disci- 
plines as sending Ian Mac- 
Gregor to sort out the 
National Coal Board. 

There are, by most accounts, 
major savings to be made if 
the health service could be run 
more efficiently. In a report 
this summer. Sir Gordon 
Downey, Comptroller and 
Auditor General, wrote that 
millions of pounds could be 
saved simply by the mare effi- 
cient deployment of nurses. 

The key response to this per- 
ceived need for more efficiency 
has been to follow the recom- 
mendations of the Griffiths 
report in appointing hundreds 
of new managers, many drawn 
from outside the health service. 
Brooding over this new struc- 
ture will fce the NHS Manage- 
ment Board, on which Peach 
will sit. 

There are doubts about what 
all this means for the health 
service. The National Union of 
Public Employees, which 
organises ancillaries and other 
health service workers, des- 
cribed Peach’s appointment as 
“bad news." Nupe pointed to 
IBSTs tradition as a non-union 
company, and said that, in its 
view, Peach had been appointed 
to push privatisation, to weaken 
collective bargaining and to 
keep pay awards within govern- 
ment cash limits. 

The Royal College of Nursing 
reacted more cautiously. Des- 
cribing his appointment as 
“interesting,” the college said 
it hoped Peach would recognise 
the need to restore morale in 
the health service and would 
secure change through consulta- 
tion. not diktat. 

Len Peach himself goes out 
of his way to reassure the 
unions. “I have already made 
arangements to meet the staff 
side of the Whitley Council so 
that I can put their concerns at 
rest," he says. 

His first priority, he says, will 
he to help shape the working 
methods and objectives of the 
new managers. Peach gives two 
reasons for this, besides the 



Len Peach: he has “ an open mind " on most of the contentious 

issues that will cross his desk 

A private focus 
on staffing a 
public service 

David Thomas talks to the first personnel 
director of Britain’s NHS 


obvious need to bed down the 
new management structure. 

The first flows from what 
Peach pails the “multiplier 
effect ” of management: improve 
managers* performance by 
giving them clear objectives and 
training them to meet those 
objectives, and managers will 
in turn get better performance 
from their staff. Peach puts 
great stress on management 
training and development, a 
result of having been un- 
encumbered by the traditional 
personnel obsession with 
unions when he was at IBM. 

Peach’s second reason for 
concentrating on managers is 
to use them as a test bed for 
ideas which Peach is bringing 
with him from IBM. 

“I come from a system where 
all 18,000 workers have objec- 
tives and are assessed on them 
every year. It Is an open 
system where everyone, includ- 


ing blue collar workers, is 
shown the result of their assess- 
ment,” Peach says. 

He adds that IBM operates 
with a strong Internal com- 
munications network, wttn 
information flowing both down- 
wards from top managers and 
upwards to them. He says: “Pay 
based on performance for all 
18,000 workers, including blue 
collar workers. Is my back- 
ground.” 

Peach does not claim that 
these ideas can be transferred 
wholesale from IBM to the 
health service, but he says: Td 
like to test them, and the 
obvious group is the one that is 
newly created" — the new man- 
agers. 

Peach is particularly keen to 
introduce merit pay for NHS 
managers. “Employees In an 
organisation produce very 
different levels of performance 


and some mechanism must be 
provided to reward those 
different levels,” he says. 

But Peach is more careful 
when asked if he wants merit 
pay for groups like a n c i llaries 
and nurses. “To introduce merit 
pay into a situation that hasn’t 
had it requires a change of 
attitude,” he says. 

- Although Peach is quick to 
state that consultation with staff 
is bound to be different in 
unionised environment like the 
health service, he dearly wants 
to experiment with IBM 
methods. He mentions opinion 
surveys of staff, which IBM has 
conducted since 1962, as some- 
thing in which he has great 
faith. 

Otherwise. Peach has “an 
open mind" on most of the con- 
tentious issues that will be 
crossing his desk. He lias, by his 
account, a fairly open remit too. 
since he neither met health 
service ministers nor was given 
objectives by them before his 
appointment. 

• Morale. “What I read in the 
press seems to indicate that 
morale is not very high," Peach 
says, before adding that he i' 
not sure whether that is correct. 

If morale Is bad. Peach 
argues, he will need to identify 
the cause before acting on it 
“One thing I’ve heard is that 
frequent organisational changr 
has damaged morale.” 

• Pay. Peach refuses to frr 
drawn on whether there is a low 
pay problem In the health ser 
vice for groups like nurses or 
ancillaries, adding: *Tm no* 
sure what you mean by low 
pay.” He says that pay can br 
an important, hut not neces- 
sarily determining, factor ir 
improving morale. 

• Flexibility. Peach has written 
about the need to increase the 
flexibility of labour, but has yet 
to decide if there are significant 
blockages to labour flexibility in 
the health service. He has “no 
view" on whether pay bargain- 
ing in the health service, based 
on elaborate review bodies and 
Whitley Council machinery, 
inhibits flexibility. 

• Privatisation. Peach has an 
equally open mind on whether 
the contracting out of services 
like cleaning and catering 
improves efficiency, though he 
says: “There is a trend now to 
move to a core of workers and 
to sub-contract the rest 
throughout industry, so the 
NHS is not being singled out” 

Len Peach is clear, however, 
that the techniques of manage- 
ment — setting objectives, 

rewarding objectives achieved 
and consulting staff about 
change — should be the same in 
a huge, uncommercial organisa- 
tion like the NHS as in a tight 
profit-making company lik e 
IBM. It will be interesting to 
see if he 4f*n thinks that in 
three years' time. 


Zaire manufacturing 


Where management is more a 

matter of improvisation 


BY PATTI WALDMEIR 


“ I WOULD be miserable run- 
ning a factory in Europe," says 
Theo Mamatas, surveying the 
expanse of his family’s new 
Siam soap, margarine and shor- 
t en i ng factory on the banks of 
the legendary Congo (now 
Zaire) river, deep zn Zaire’s 
steamy interior. 

M am atas, and the septua- 
genarian patriarch of the 
Maxnatas family, Apostolos 
Main at as Kalamaris, struggle 
daily to cope with problems 
which would give indigestion or 
worse to any European factory 
manager, managing director a n d 
board chairman (for the two 
Fulfil all these functions in the 
family business, Sorgeri). 

To some extent, they are 
problems which are famninr to 
any Industrialist trying to sur- 
vive Africa's economic crisis: 
spares, machinery and other in- 
puts are ever fa short supply 
because of lack of foreign ex- 
change for imports: power cuts 
ire frequent, disrupting or 
halting production; local tech- 
nical expertise is lacking; and 
ihe whole is bundled up with 
miles of bureaucratic red tape 
which would deter- an investor 
with less of the frontier spirit. 

Add to this the fact of 
operating in one of the conti- 
nent’s largest; most chaotic and 
most corrupt countries — and at 
a site, Kisangani (formerly 
Stanleyville) which is 2-6 weeks 
by barge and rail from the port 
of Matadi — and you have what 
the younger modestly 

calls “a challenge” 

“Most of tiie problems we 
have here could be solved with 
a single phone call in Europe," 
says Theo Mamatas. 

But the phone service to Kin- 
shasa, the capital, is erratic at 
best; the foreign exchange 
shortage means Kinshasa stock- 
ists are ill-supplied with spares, 
and the struggle which river 
barges have while navigating 
the shifting sand banks of the 
vast Zaire river means deliveries 
run into weeks. Airfreighting 
spares is too costly to be any- 
thing other than an emergency 
option. 

What enables Sorgeri to sur- 
vive and prosper under these 
circumstances, says Mamatas, Is 
blend of flexibility, imagina- 
tion and technical know-how 
(he has a PhD. fa chemical 
engineering). It is a cocktail of 


qualities which industrialists 
throughout the continent have 
been forced to develop or else 
see their infant industries 
succumb to the continent's un- 
precedented economic crisis. 

Zaire has long been con- 
sidered a text book example of 
the mistakes and misfortunes 
which have precipitated this 
crisis: heavy and rash external 
borrowings fa the mid-1970s 
which led to a crippling burden 
of debt; an til-conceived nation- 
alisation programme in 1973-74; 
and widespread inefficiency, 
mismanagement and corruption 
coupled with a prolonged slump 
in the prices of Zaire's main 
exports, copper and cobalt. It 
is a country with vast mineral 
and agricultural potential; the 
constraints on its development 
are similarly massive. 


They are among those whosJ 
assets were nationalised — in 
many rwqaq without adequate 
compensation — in the mid- 
1970s (memories of this period 
still contribute to sluggish 
investor response). And bar- 
riers to foil production at the 
family's new Kisangani factory 
are 

Power cuts are a constant 
disruption. While . there is 
ample potential power from the 
Zaire river and Its tributaries, 
the Kisangani power station’s 
turbines ami generators are old 
and often not operating. Earlier 
this year, the Mamatas's were 
forced to operate their factory 
off stand-by generators for 
nearly a month because of 
power cuts by SNEL, the state 
electricity company. According 
to Theo Mamatas. power 


The workshop’s materials are whatever comes to 
hand. MfliYiatas uses discarded ammonia gas 
bottles to construct a casing for a condenser . . . 
a Second World War autoclave abandoned in the 
bush was rehabilitated for use in the factory 


Knee 1983, Zaire has made a 
major effort to break out of 
this spiral of decline with the 
help of an IMF-inspired adjust- 
ment programme which is argu- 
ably the most radical in Africa. 

Critical to the success of the 
programme will be the coun- 
try's ability to attract new 
foreign investment in produc- 
tive ventures, like the Sorgeri 
factory whose sales of about 320 
tonnes per month of all-purpose 
soaps barely scratches the 
surface of potential demand 
among the several million 
people who live in Zaire's vast 
interior. 

So far, the response to the 
call for new investment has 
been decidedly mated, says one 
Kinshasa banker: “ There are 
plenty of people coming in with 
briefcases ' but very few with 
shovels.” This is partly the 
result of Zaire’s reputation for 
corruption and mismanagement 
(the reputation persists despite 
recent reforms), and partly the 
result of the kind of constraints 
which the Mamatas family 
suffers. 


shortages could well jeopardise 
the -family's plans to add a 
second production line at the 
factory to double its current 
Installed capacity of 3 tonnes 
of soap per hour. 

But the cuts have given the 
younger Mamatas the oppor- 
tunity to exercise the spirit of 
inventiveness which makes him 
one of the country's most suc- 
cessful industrialists. He has 
recently begun to burn dis- 
carded palm kernels (from the 
bright orange palm fruits which 
yield the oil which is the main 
ingredient fa soap manu- 
facture) as an alternative 
energy source for the factory. 

He claims to have persuaded 
Kisangani’ s only other major 
industry, the Sotexki Textile 
Factory, to do the same. 
(Sotexki is also contemplating 
a 515m to $17m extension, to 
be financed by the World Bank 
and the African Development 
Bank, although power shortages 
may delay this project sig- 
nificantly as well.) 

Keeping the Sorgeri equip- 
ment operating tests the 


ingenuity of Mamatas, -who bos 
spent nearly all his. life fa 
Zaire. Abandoned steam 
engines are cannibalised and 
spares fashioned anew In tile 
factory’s workshop; and Euro- 
pean machinery is “tropical- 
Used ” to bear the steamy 
conditions of the Haut-Zahre 
province, which would other- 
wise drastically shorten the life 
of much imported equipment 
The workshop's materials an 
whatever comes to hand: 
Mamatas cites the example of 
nging discarded ammonia gas 
bottles to construct a casing for 
a condenser as part of the 
tropi calisad on process. 

In fact, Theo Mamatas seems 
to thrive on the challenge. Ha 
tells the story of finding & 
Second World War autoclave 
abandoned fa the bosh (a 
number of pre-Independence 
Industries In Ki s a ng a ni have 
been abandoned because of the 
nationalisations of the 1979s 
and the murders of white 
settlers in the 1960s). It was 
rehabilitated for use In the 
factory: "I'm known around 
here as the biggest scrap 
collector," be says proudly. 

The one problem which 
Sorgeri does not have 'jt 
marketing its output Most of 
the soap, margarine and 
shortening it produces is sold 
direct to traders who handle 
the headache of distribution fa 
a country with a grossly 
inadequate transport infra- 
structure. Sorgeri cake soap, 
Distingue, is much fa demand 
and is used for everything from 
scrubbing clothes and washing 
dishes to bathing the baby, 
so there’s no need for an 
expensive advertising effort 
Mamatas speculates that the 
soap, which Is made from pure 
palm oil, could sell well fa the 
department stores of Western 
Europe, where “ natural ” soaps 
can fetch as much as £L3Q to 
£2 per bar. 

But it’s a long way from 
sleepy Kisangani to the herbal 
boutiques of the Calories Lafay- 
ette in Paris or Inno fa Brussels 
— and the immense logistical 
difficulties of transporting the 
Sorgeri products nearly 1,000 
miles down the Zaire river by 
barge and rail to Hatadi Port 
(there is no road) must make 
exporting impracticable at least 
for the moment. 


APPLICATION FORM 

THE GERMAN SECURITIES 
INVESTMENT TRUST pic 

Offer for Subscription of 10,000,000 Ordinary Shares of £1 each (with Warrants attached) in 
The German Securities Investment Trust pk ("she Company”) at par payable as to 30? on application 
and as to the balance af 50p an 28th February, 1986 


1/We offer to subscribe for 


FOR OfFKAL LISE 
ONLY 


Ordinary Shares (with Warrants attached 
—one Warrant being attached to every 
five Ordinary Shares) in the Company (or 
such smaller number in respect of which 
this application may be accepted) 


and 1- wc attach a cheque or banker's 
draft for the amount payable, namely 


Dated 

Signature 

1985 



n.tA!& 15C SLOCK CAPITALS 



*. Ann 

L 


4 CbKfH NllBto 


I 

■ 


■ 

I 

■ 

I 


4 


□ Pin here your cbequeibsnket's draft for the amount in Box 2 


Fill io ihu Mcnaa oaly -tun ibtrt n more than one tppticam.The fimor sote oppbeam should 
c n mplerc to 4 and Mgo in Box 3. Irani Movant) the names ud addrenu of ihc mood ind 
automuem applicants, each of abaw ogmure a requ ire d in Box S- 

PLEAH l-SE BLOCK CAPITALS 


w, tin. Mm m ink fnawni 

M>, Mn, Mn * ok Fdrauwu) 

Ml. Vn. Mai * uk Fmmbmku. 

famffikr 


Svur 

M*e» 

MUf 

AddiviB 







routed. 

Cut 'rtf 

PmcndF 


6 

Signature 

Signature 

Signature 



2. The right is reserved to t e i e c i in whole or in part or scale down any application and, in particular, multiple or 
suspected multiple applica t io n s and to present for payment any cheques or banker's drafts received. If any application 
is not accepted in whole or in part or is scaled down, die application moneys or, as the case may be, the balance thereof, 
will be returned (without interest) by returning the appUauM 1 ! cheque or banker's draft or by crossed cheque in favour 
of the applicants) through the post at the risk of the person^) entitled thereto. 

3. By completing and delivering' an Application Form, you (as the appUcangs))?— 

(i) offer so subscribe for ihc number of Ordinary Shares (with Warrants attached) in the Company specified in your 
Application Form (or such smaller number for which the application is accepted) subject to the prospectus 
refilling to the Company dated 4th November, 1983 (the “Prospectus”), these terms and conditions and the 
Memorandum and Amides of As s o ci a tio n of the Company and for the purpose of the Offer for Subscription, 
s ub sc rip tion and subscribe shall be deemed .to include purdusc; 

(ii) authorise The Royal Bonk of Scotland pk to send a reuouraablc Letter of Allotment for the number of Ordinary 
Shares (with warrants attached) for which your application is accep te d , and/or a crossed cheque far any moneys 
returnable, by post, at the risk of the penonft) entitled thereto, to your address (or that of the flm-oamed 
applicant) asset auxin your Application Form and to procure that your name (together with the nameCs) of any 
other joint appUcamfs)) iaAuc placed mi the Register of Mcmben and Register of Warramholdeis of the Company 
in respect of such Ordinary Starts and Warrants the entitlement us which has not been duly renounced; 

(iu) agree tint, in coosidenuion of the Company agreeing that it wiB consider and process applications for the partly 
paid Ordinary Shares (with Warrants attached) the subject of the offer for subscription in accordance with ihc 
Proqxctus, your application shall not be revoked until after 14th November, 1983 and ihat this paragraph shall 
constitute a coUawxd comma between you and ihc Conaway which will become binding upon despatch by post 
to or, as the case may be, receipt by The Royal Bank of Scotland pk of your Application Form; 

fiv) warrant that your remittance will be honoured on first presentation; 

(v) agree tit* any tenounoeable Letter of Allotment and any moneys returnable to you may be retained by The Royal 
Bank of Scotland pk pending clearance of your r emi tta n ce; 

(ri) agree dun all applications, acceptances of applications and contracts resulting therefrom under the offer far 
subscription shall be go v e rn e d by and construed in accordance with English Law; 

(Vii) warrant that, if you sign the Application Form on behalf of somebody else or on behalf af a corporation, you have 
due amborny to do so; 

(viD) confirm that in nuking such application you are noc relying on any information or representation in relation to 
the Company other dun those contained in the Prospectus and you accordingly agtee that no person responsible 
solely or jointly for the Prospectus or any pan thereof shall have any liability for any such other information or 
represen tations; and 

Cat) undertake to the Company to pay on or before 28 th February, 1986 the balance of the issue price outstanding 
on the Oiduory Shares in respect of "which your application is acce pted, whether or nta you have effectively 
renounced or tr an s f erred the right to the Ordinary Sh ar cs (w tth Warrants attached) comprised in the Letter m 
Allotment prior to 28th February, 1986. 

4. Failure an the part of any applicant u'nuke payment of the balance of 50p per Ordinary Shore due on 28th February, 
1 986 in accoidanoe with the instructions contained in this Prospectus will tender all the Ordinary Shares (with Warrants 
attached) allotted to such applicant subject to forfeiture. However, law payment of the final instalment may be acce p t e d 
at the absolute discretion of the Directors, in which event interest may be charged on ■ day-to-day basis on any overdue 
amount accepted at a rate to be detexmined by the Directors but oot exceeding 1 7 per cent, per annum. Notwithstanding 
forfeiture, the applicant remains liable to pay to the Com p any ail moneys payable to the Company in respect of the 
Ordinary Shares allotted to him including imereti u such rate, not exceeding 17 per cent, per annum os the Direcun 
■hall think fit from the doc of forfeiture until payment, unless and until such moneys hate been received by the 
Co m pany. 

3. Acceptance of applications will be effected at the election of the Company either by notification of the basis 
of allocation to The Stock Exchange or by the dcsexminatiofi of the number of Ordinary States (with Warrants attached) 
for which application is accepted pursuant to die arrangements b etw een the Company and The Royal Bank of 
Scot l a n d pic. 

6. All documents and cheques sent by pon vriQ be n the risk of the pctscuM entitled thereto. 

7. No pe rso n rec e iv in g ■ copy of the Prospectus, or an Application Farm, in any territory other than the United 
Ki n gdo m may treat the same as constituting on invitation or offer to him, nor should be in any event me such Form 
unless, in the relevant territory, such an invitation or offer could lawfully be mode to him or such Bonn could lawfully 
be used without co n trave n t i on af any l e g i sla tion or other Legal requirements. Any person o utsid e the United Kingdom 
wishing to make on application hereunder must satisfy himself os to full observance of the bwi of any relevant territory 
in connection therewith, including obtaining any requisite gove r n m ental or other consents, observing any other requisite 
formalities, and paying any issue, transfer or other taxes due in such territory. 

PROCEDURE FOR APPLICATION 

1. Insert in Box I (in figures) the number of Ordinary Shares Cwiih Warrants stacked) for which you are applying. 
Applic a t i ons must be for multiple! of 500 Ordinary Shares (with Warrants attached). 

2. Insert in Box 2 fin figures) the amount of your cheque or banker’s draft. 

The amount of your cheque or banker's draft should be the price of 30p per Ordinary Share mul ti plied by the number 
of shares inserted in Box I. 

3. Sign and d ate the Application Farm in Box 3- 

Tbe Application Form may be signed In someone else on your behalf (andfor on behalf of any joint applicants)) if duly 
authorised to do so, bm the pomcife) of attorney must be enclosed for inspe c tion. A c orporation titould sign under the 
band of a duty authorised official whose re pr es enta tive capacity must be stated. 

4. Put your ftiU name and address in BLOCK CAPITALS in Bose 4. 


5. You may apply jointly with other penata- 

You must then arrange for the Application Form to be c om pleted by or on behalf of each joint applicant (up to a 
m a x i m u m of three other penons). Their foil names and addresses should be put m BLOCK CAPITALS in Box 5. 

6. Bax 6 must be signed by or on behalf of each joint applicant (other than the fun applicant who should complete Box 
4 and sign in Bax 3). 

If anyone is signing on behalf of any joint applicants), the powerfs) of attorney must be enclosed for inspection. 

7. You must pin a separate cheque or banker's draft to each completed Application Foret. Your cheque or banker's draft 
must be made psyable to The Royal Bank of Scotland pic for the amount payable on application inserted in Boot 2 and 
should be aotred “Not Negotiable". 


No receipt wi3 be issued for dns payment 

Your cheque or banker’s draft must be drawn in pounds Sterling on an account at a branch (which must be inthcUcitcd 
Kingdom, the Channd Islands or the Isle of Man) of a bank which is either a member of the London or Saxtiab CIcarii« 
Horees or wUch has arranged fra its cheques and banker’s drafts to be presented far payment through the clearing 
ucffiiics provided by the mcmben of those Clearing Hours and must bear the appropriate sorting code umber ia the 
top tight band comer. 

AppUcatioos may be wxxnpamed by a cheque drawn by someone other than the appUcaiu(i), but any moneys w be 
returned will be sent by crossed cheque in favour of the person named in Box 4. 

You mus t send the catnptod/iggikaron Form by poster deliver it by hand, lo The Royal Bank of Scodsnd pic. 67 
Lombard Street, London EC3F 3DL so as to be received not later than 10.00 a.m. on 12rh November, 1983. 

If you post your Application Fotm, you are recommended to. use Gra dost post and allow at least two days for delivery. 


^ AT) v ? 11 ^ Company to recognised banks and stockbrokers, soCeirots, 

KCMunna and other recognised finanaa! intermediaries on application! (to the extern that they are accepted) bearing 

Tb, » commission will not, hmver, fapSSi In respeS 

SSSST.Sg'rS CASS u ”“' d -w-mu.u-i-3® 

PROCEDURE FOR PAYMENT OF THE BALANCE 
PAYABLE PER ORDINARY SHARE 

m r” ° tdiMgy ™«be P«id by 3.00 pun. on 28th February, 1986. A cheque or 

BASIS OF ALLOTMENT AND DEALING 
ARRANGEMENTS 

The applicati on for reH open at 10J0 ajn. on 12th November, 1985 and will dose ns soon thereafter as the Comtihiy 
may detertnme. The tastf on which Witcotionshave been accepted will be announced as soon as powiblc afterihe 
{EH*™* lire doses. It a ogeoed rial renmmceabkLtmen, of ABctmera will be posed to suecessfola^caflts not 
l y* N ”*? lh<!r » l * 5 «fe»hng» “I the Ordinary Shares (with Warrants attached) will cmamcoce on 

ijui rvowemoec, i9oi 

Ar ran g e tn e ots have been made for registration of aU the Ordinary Shores (with Warrants attached) now offered for 
g utog1 P t PP?,^] ee rf l T** itr<lp q? fees, in tire names nf successful applicant or persona in whose favour 

Lenera of AUwmcra are duly renounced provided duo, in cm of renunciation. Letters of A) foment (duly completed 
tnxconiance with the mstnretions contained therein) are lodged for registration by 3.00 p.m. by 7th April, 198&Fully 
paid share and warrant certificates will be despatched an 1st May, 1986. ^ ^ * 1 

Qgitt of ffiePnapeetus (which includes listing jranicutars with regard to the Company in accordance 
with The Stock Exchange (I. .w ring ) Reg ul a t io n s 1984) and the Application Form can be obtained between 
4th November, 198S and 1 2th November, 1985 fionu Between 

Li echtenst e in (UJC) Limited, Savory Milln Timir^ 

l Devonshire Stnwe, 3 London Wall Buildings. 

London EC2M 4UJ. London EG2M 5 PIl” 

TTie Royal Bank of Scotland pic, The Royal Bank of SooiUrod ulc. 

67 Lombard Street, P.O. Box 27. 34 Fettes Row. 

London EC3P 3DL_ Edinburgh EH3 6UT. 


THE GERMAN SECURITIES INVESTMENT TRUST 





-1. 



^ - 










13 



r •! 


IJfisr, 


‘Nt 


Bnancfal Times Monday November 4 1085 


THE ARTS 



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1 •• V.v .1 Pr 

1.V *’j{ aj/ 

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RAiAM'E 

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A museum for architecture 


Washington DC is one of the 
few cities in the world! with its 
own museum of architecture. 
The National Building Museum, 
a joint private-Federal institu- 
tion -created- by Congress in 
1980. opened to the public in 
October. It starts life with one 
incomparable advantage, it 
occupies the old Pensions Build- 
ing. which stands at the north 
end of Judiciary Square, well 
located near the National Gal- 
lery and the principal sites of 
the capital. 

Designed by General Mont- 
gomery C. Meigs and con- 
structed between 1882 and 1887, 
it was originally Intended to be 
a Civil War Memorial as well as 
a place where the 1.500 clerics 
■who worked: for the Pensions 
Bureau .could be accommodated 
in a .government-owned build- 
ing. It is a remarkable edifice. 
Built of brick, cast iron and 
terracotta it is one of the city’s 
most noble and unusual 19th- 
century official palaces. The 
outside is a good example of the 
adaptation of the Italian 
Palazzo style to an official build- 
ing. It is decorated with a 
terracotta frieze of soldiers, 
while over the doorway rolls a 
covered wagon. - The topmost 
frieze is made up of military 
emblems, grenades, cannon and 
a variety of weapons. Above 
the facade rises the pedlmented 
bamJike roof of the 1G0 ft high 
main space. . But even this hint 
on the outside does not prepare 
yon for the glory of the interior. 

Cross the relatively modest 
threshold and you are in a 
giant space, almost 15 storeys 
high. This Inner court is one of 
the largest spaces In Washing- 
ton and has traditionally been 
used for the inaugural ball for 
the President. Bight magnificent 
Corinthian columns march 
across the space in two rows, 
each one of them 76 ft tall. The 
courtyard had a practical pur- 
pose as far as: Colonel Meigs, 
the military engineer was con- 
cerned. He was responsible also 
for the construction of the 
dome of the Capitol and 
believed in extending the 
frontiers of his knowledge of 
structures. 

He felt that the traditional 
warren of Victorian offices was 
An unhealthy environment for 
Merits and so he devised what 


must be the first atrium office 
building. Every office was to 
have an outside window and a 
view of the great central court. 
He wanted Congress to let him 
plant the centre of the covered 
court with trees to match the 
scale of the columns. In the 
recent restoration of this giant 
nmong American Victorian 
buildings a large circular 
fountain basin has been un- 
covered and the jet restored. 

In this improbable space the 
new museum has Its home. It 
will mount exhibitions and show 
displays about the nature of 
architecture, and gradually 
complete the restoration of this 
rare type of Victorian architec- 
ture. 

Doubtless it can be argued 
that arch lecture does not belong 
in a museum and should be 
studied in the round by examin- 
ing actual buildings. I think, 
however, that these are just the 
right sort of premises for such 
an enterprise because the im- 
mense possibilities for architec- 
ture and building technology 
are demonstrated. - 


Colin Amery asserts 
that ‘ Americans seem 
to realise architecture 
Is part of the nation’s 
culture and should be 
part of the nation’s 
educational experience 
in a way we in 
England have scarcely 
begun to grasp ’ 


The first exhibition is called 
Building a National Image — 
Architectural Drawings for the 
American Democracy. It has 
been sponsored by the United 
Technologies Corporation and is 
a display of some serious and 
beautiful drawings from the his- 
tory of .official buildings in the 
ITS. It sounds much duller than 
it is. The sheer quality of the 
Benjamin Latrobe and Bullfinch 
drawings for the US Capitol 
were enough to make me go at 
once to examine the Capitol 
itself. There it was particu- 
larly rewarding to find the Old 


Supreme Court and the Old 
Senate sensitively restored and 
still looking (although no longer 
used for their original purpose) 
immaculate and just like the 
Latrobe drawings. The other 
drawings of post offices and 
other public premises such as 
customs houses show a long- 
standing Federal commitment to 
architecture of quality. 

The current exhibitions are 
small and manageable. There 
is a loan show of models of 
the Brooklyn Bridge and an 
impressive display of the 
architectural metalwork of one 
Samuel Yellin who although 
not known outside the US was 
an interesting designer work- 
ing in the 1920s. The richness 
of bis work is seen in cathe- 
drals and banks in America — 
places like the Federal Reserve 
Bank in New York. He was so 
successful that at one time his 
workshops employed 200 

people. He is a perfect example 
of the kind of craftsman that 
was lulled by the rise of the 
bland modern movement in 
American architecture. His work 
is distinctive and rich and well 
worth exposing. 

The museum publishes a 
publication called Blueprints, 
which often has architectural 
map guides to American cities, 
and excellent catalogues. There 
Is a travelling exhibition pro- 
gramme and the expansion of 
the facilities at the Pensions 
Building will create a new 
kind of architectural education 
and awareness. 

The Royal Institute of British 
Architects could learn some- 
thing from the scale of this 
operation. Americans seem to 
realise that architecture is part 
of the nation’s culture and 
should be part of the nation’s 
educational experience in a 
way that we in England have 
scarcely begun to grasp. How- 
ever, that is not to say that all 
is well in the architectural 
look of Washington. The view 
from the Capitol to the Wash- 
ington Monument has been 
badly compromised by the erec- 
tion of a series of indifferent 
modern buildings that destroy 
the Arcadian nature of the 
city’s plan. Although there are 
no intrusive skyscrapers there 
are too many dull, lumpish new 
buildings in the nation’s 
capital. 


Verdi exhibition/Colomo 

William Weaver 


If you drive directly north 
from Parma, heading for the Po 
and for Mantua when you have 
gone abode 10 miles you sud- 
denly see, at a curve in t£e road, 
a vast, handsome square palace, 
with four graceful towers at is 
comers. This is the Palazzo Du- 
cale, its exterior the work of 
Ferdinando Bibtena, who — to- 
wards the end of the 17th. cen- 
tury — turned an earlier castle 
into a splendid summer resi- 
dence for the Faraese rulers of 
Parma. In the IMt century , . 
Marie Louise, as Grand Duchess, 
also spent happy months there. 

But then the residence passed 
into public hands and wetn into 
a decline. For many years it was 
a mental hospital (one part of 
it stiU is); during the war, the 
lovely park was chopped down 
and burnt. And so, until 
recently, when you came to that 
curve, you drove on with a sigh, 
crossing the little bridge over 
the Parma River, and penetrat- 
ing further into the flat, fertile 
Po valley. 

In the past few years an alert 
local administration and an 
imaginative organisation called 
the Assoc iari one Colornese 
Manifestation!’' - Artistiche have 
initiated the restoration of the 
palace and arranged for its use 
as a seat of concerts, exhibitions 
and other cupltural events. The 
latest of these is an elaborate 
sbow devoted to Parma’s sup- 
reme hero, Giuseppe Verdi. The 


exhibition (which will continue 
into December), in itself of 
notable interest also offers an 
opportunity to visit the palace, 
whose Jnteroior is as elegant as 
its facade. 

Verdian iconography is, for 
experts, fairly familiar, well- 
tilled territory; and yet the 
composer was painted, photo- 
graphed. caricatured so often 
during his lifetime, and after- 
wards, that it is still posible to 
discover something new. In the 
Colorao show, in fact besides 
the well-known and necessary 
portraits, the curator Evan 
Baker has found some less- 
exploited works, including a 
couple of hitherto unknown 
photographs and a youthful por- 
trait that in private bands, has 
been seen till now only jn a 
black-and-white illustration in 
the Franco Abbiati biography. 

But the show Is, of course, 
more than a series of . Verdi 
portraits. To begin with, there 
are- many- pictures of other 
people — librettists, singers,, 
friends — who made up the con- 
text of the composer’s public 
and private lives. A completely 
unknown portrait of Andrea 
Haffel, for example, is parti- 
cularly beautiful, worthy of the 
great Hayez, whose portrait of 
Mattel's wife. Countess Clarina, 
rarely exhibited, can be seen in 
the same show. 

From a Milanese theatrical' 
supplier. Baker procured F al- 
s taff*s chair from the premiere 
production of the opera, and 


Desdemona’s prie-Dien and 
other items of furniture from 
the first Otello. There . are 
costumes from past and pre- 
sent, the designs for the Otello 
costumes by Alfredo Edel (a 
native of Colorno), autograph 
scores, documents, posters. 
And, in a last room, a some- 
what hair-raising array of Ver- 
dian kitsch: Verdi handker- 
chiefs, plates, spoons, garish 
post-cards. Only a bottle of 
America’s Pace pace mio dio 
olive oil is lacking. Repulsive 
as some of the objects are. they 
illustrate the broad, and pro- 
found expanse of Verdi’s popu- 
larity. not only as a musician, 
but also as a national figure 
and as a man. 

The catalogue features a 
number of handsome photo- 
graphs (some of them of Ver- 
dian places and of things not 
In the show), and a series of 
articles by Verdi experts. 
Marcello Conati's summary of 
the economics and technical 
aspects of Italian operatic life 
in Verdi’s day — and his indica- 
tions of bow Verdi himself 
changed that life — is a contri- 
bution of lasting value. No 
catalogue, no book, no exhibi- 
tion can illustrate adequately 
all of Verdi’s works or, even 
less, his long and fertile life. 
But the Colorno show casts 
illuminating shafts of light into 
many corners of the biography, 
and with its attractive instal- 
lation makes the enlightenment 
supremely enjoyable. 


The Ass/Riverside Studios 

Marlin Hoyle 



AStirau Muir 


Kate Westbrook, Mike Westbrook and Lesia Melnyk 


This curious, likable piece of 
music theatre takes the 
eponymous poem by D. EL Law- 
rence as its base. A musical 
setting of the words, shared 
between the six members of the 
Foco Novo company, is spliced 
with excerpts from the poet’s 
letters from Taormina. 

Apart from Stephen Boxer’s 
Lawrence, the cast represents 
the local Sicilian band, besides 
chiming in with the odd quote 
from the author’s own words, 
sometimes in an unsuitably- 
maintained accent (“Edna will 
not erupt,” we are informed, 
more alarmingly than reassur- 
ingly, by Marietta the mando- 
llnist). Ariane Gastambide pro- 
vides an evocative and simple 
set dominated by a stone arch- 
way surmounted by an ass’s 
head and skin. During the over- 


ture a screen provides projec- 
tions of Kaie Westbrook’s 
paintings of the donkey, with 
references to its place in the 
art of different cultures in 
different ages. 

In the course of this magic 
Sicilian night Lawrence joins 
in with the natives, dances with 
an Invisible partner, is eventu- 
ally garlanded and attached to 
a little ornamental cart as he 
assumes, like Bottom, the ass's 
bead. His letters do little to 
endear him, with their refer- 
ences to “low-bred Italian 
tradespeople” and curmudge- 
only grumbles about music. His 
description of Taormina, quoted 
in the programme, as “a par- 
terre of English weeds all cul- 
tivating their egos” should be 
superseded by the image of a 
glass house in which one 


bearded and tuburcular Not- 
tingham writer is unwisely 
throwing boulders. 

Mike and Rate Westbrook 
provide the music for this 75- 
minute celebration. No jazz 
expert. I was much struck by 
stubborn ostinati on sax, the 
way Mrs Westbrook can growl 
out a song, the sinuous rhythms 
of “he fell into the rut of love” 
and a perfectly delightful ver- 
sion, sung in both Italian and 
English, of a traditional Sicilian 
song about the donkey. Roland 
Rees’ direction exercises a 
faintly hallucinatory charm to 
which Peter Whyman’s virtuoso 
flights on saxophones and clar- 
inet contribute enormously. A 
colleague complained that the 
words were drowned on the first 
night, I can report that on the 
second every word was crystal 
clear. 


Hungarians at the Wigmore Hall 

David Murray 


The Young - TakScs 
Quartet, already internation- 
ally admired, has -returned to 
London to play all the Barttik 
string quartets and the 
“ Rasumovsky ” three by 
Beethoven — two of the . former 
and one of the latter in each 
concert. The cycle continues 
on Wednesday and Saturday, 
having begun last Saturday with 
Beethoven's op 50 no 1 and 
Bartdk’s First and Fourth, and 
just a suspicion of jet-lag. 

Not that there was anything 
seriously wrong, and everything 
we heard was in principle 
perfectly sound; but there were 
persistent hints of slight mis- 
timing, and in the quick 
Bart 6k movements some 
flakey ensemble, below the 
Takdcs standard of lucid pre- 
cision. The sombre double 
canon that begins the BartCk 
First went beatutifully, un- 
hurried but concentrated; the 
Allegretto had something less 
than full authority, and in the 
athletic Finale there was a dis- 
tinct impression of stop-go, 
just where a sense of unflag- 
ging drive is most needed. 

The first “ Rasumovsky" 
quartet was altogether more 
secure, with a confident, un- 
usually brisk first movement 
that contained just one oddity, 
a marked slowing for the up- 
and-down piano chords which 
thrice interrupt the rush of 
quavers: it sounded gratuitous. 
The Scherzo was sturdy, if not 
impeccably neat, and the cellist 
Andris FeJ6r wan eloquent in 
the heartfelt Adagio. The 
Finale, just as in the first 
Bartfifc, was sometimes held 


back too much for its own good, 
and its Olympian cheer was 
dampened. 

. Bandk’s Quartet no. 4 Is 
arguably the toughest and most 
rigorous of his six, and the 
Tak&cs players have ex- 
pounded It brilliantly time and 
again. They were impressive 
this time too, but not at their 
taut best There were little 
smudges In fee ferocious first 
and last movements, though the 
right sort of pressure was kept 
up; the trick scherzos that 
flank the central meditation 
(itself most sensitively de- 
livered) want more near- 
mechanical exactitude than they 
got — the crisscrossing glissandi 
were blurred, and the throw- 
away endings were flat-flooted. 
Small quibbles, perhaps, but the 
sharp Individual characters of 
the movements were marginally 
blunted. 

Unabashed panache is not 
specially a TakScs virtue, 
though thoughtful musicianship 
is. The same is true of their 
contemporary DezsO Rdnki. 
whose Sunday morning concert 
also included Beethoven, as 
well as the complete op. 28 
Preludes of Chopin. And the 
effect was rather similar: 
scrupulous exposition with 
good personal touches, firm 
technical security, and a certain 
absence of flair. Without it, not 
enough of the string of 
Preludes sparkled with their 
own particular lights; their 
astonishing variety astonished 
less than it should^ 

RSnki’s cycle was all of it 
agreeable to bear, and it began 
well: a warm, sinuous C major 


prelude, a swift and sour A 
minor, a G minor with racing 
ripples. The airiest preludes 
remained a little stubby and 
earth-bound, though the gentler 
lyrical ones were always 
attractively shaped. (There was 
room for argument about 
Ranki’s penchant for drawing 
out endings disproportionately, 
especially with very short 
pieces.) The most dtude-tike 
preludes had little glitter, and 
those with the most 
impassioned rhetoric were 
tame. So were the exercises in 
hard-driving rhythm, none of 
which stirred the blood. It was 
not surprising that despite 
crashing final Ds, the last and 
most desperate prelude con- 
jured up neither frenzy nor 
cataclysm. 

Beethoven's E-flat Sonata op. 
31 no. 3 had got much closer 
sympathy from Rinki. A solid, 
amiable reading, very well 
proportioned, showed his best 
strengths, and his efficient 
technique was equal to the 
demands of the rattling 
Scherzo. There was no mischief 
in it — he never made & joke 
of the eager returns of the left 
band, nor gave any comic tilt 
to the pawky tune above It; but 
in innocent terms It was robust 
and convincing. The opening 
Allegro had been innocent too. 
with the introductory subject 
acquiring no wistful inflections 
when it recurred; the Venuetto 
was gracious and pretty, with- 
out making anything special of 
the poised chord-leaps. There 
is a lot to -be said for hearing 
Beethoven without sophisti- 
cations once in a while. 



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Arts Guide 


Nov 1-7 


Music 

LONDON 

London Sbifonirtta conducted by Die- 
go Masson with Elizabeth Laurence, 
mezzo-soprano and Michael Collins, 
clarinet Boulez. Queen Elizabeth 
Hall (Wed). 

Royal Philharmonic Orchestra con- 
ducted fey Andre Previn with Jean- 
PhUippe Collard, piano. Bartok, 
Saint-Saeas, Mussorgsky/RaveL 
Royal Festival Hall (Thar). 

PARIS 

Amsterdam Ctmc c ri g ew aw , Vladimir 
Asheknazy, piano: Prokofiev, De- 
bussy (Mon). Salle Pleyel (561 0630). 

Edita Grnberova recital (Mop). Thea- 
tre de fAfhen&e. (7426727). 


‘ BRUSSELS , r; . 

Palais Da Beaux Axi£ Deutsche' 1 
BachaoUsteB conducted by Helmut 
Wiaschermann iritb-Artoen«Aug«^- 
soprano end Gottfried BSsCn. trutfr ' 
pet Handel. Bach, Scarlatti (Tue). 
(5124045). 

ITALY 

Milan: Testro alia Scala: Andre Watts, 
piano. Iiszt (Mon); Gustav Kuhn 
conducting Richard Strauss (Wed 
and Tb nr). (809126). 

NETHERLANDS 

Amsterdam, Concengebouw. The 
Metbariands Philharmonic conduct- 
ed by Thomas Sanderting, with Vic- 
tor Tretyakov, violin. Tchaikovsky, 
Bruch, Schumann (Tue). (716345). 


SPAM 

Madrid, Mediterranean Quintet Prie- 
to, Marco, Balboa. Lefebre and 
Muller. Teatro Real, Plaza de 
Oriente (Tue). 


WEST GERMANY 

Frankfort, Alte Open A Beder redt 
with Dietrich Fischer-Dieskau, a 
companied by Hartmut H&1L Bei 
and SchSabetg. (Wed). 


NEW YORK 

New York PhSharmralc (Avery Fisher 
Rail): Riccanki ChaiDy conducting, 
Yuzoko Horigozne violin. Strauss, 
Mendelssohn, Beethoven (Tue); Zu- 
bin Mehta conducting. Maurizio PoP 
- lini pianist. laitoslawsiti. Brahms 
^ ffhur). Lincoln Center (8742424). 

WASHINGTON 

National Symphony (Concert Hall): 
Rafael Fruehbeck de Burgos con- 
ducting with Elisabeth Knighton 
soprano, Marta Senn mezzo-sopra- 
no, and Choral Arts Society of 
Washington directed by Norman 
Scribner. AB-Mahier programme 
(Die); Rafael Friiehback de Burgos 
conducting. Jeffrey Kahane piano. 
Ibeitr Saint-Saens, Beethoven 
(Thor). Kennedy Center (1858110). 

TOKYO 

Noriko Kawai (piano): Scarletti, Scri- 
abin, Tchaikovsky. Balaldrew Sog- 
ets Hall (Wed): (3532242). 


Lennon/Astoria 

Antony Thorncroft 


It is almost five years since 
John Lennon was shot dead out- 
side his New York apartment, 
time enough for history and 
myth to claim him for their 
own. Lennon, now showing, 
Sundays too, at the Astoria, 
takes the historical view, with 
this penny plain bio-musical 
about the roaring boy of the 
Beaties. 

The words come from Lennon 
Interviews or are the memories 
of reliable witnesses; the songs, 
almost 50 of them, necessarily 
played often In shreds and 
tatters, are usually Lennon’s, 
too. It makes for a credible, if 
rather one-dimensional, por- 
trait. with most of the scenes 
already over-familiar and with 
not an original insight in a 
rather long-seeming 2) hours. 

Lennon betrays its workshop 
origins in theatres in Liverpool 
and Stoke and is certainly a 
sober antidote to some of the 
insubstantial confections cur- 
rently parading as West End 
musicals. Here the nine strong 
cast lake every part going and 
double up effectively as musi- 
cians. There are usually two 
Lennon’s on hand. Mark Me- 
Gann as a pre-Yoko Ono Liver- 
pool lad. and Jonathan Barlow 
as a seventies version, into sav- 


ing the world. Martyn Ellis, for 
example, becomes Paul by mess- 
ing up his hair and saying “ lit” 
like a friendly puppy; the next 
second he might be a very un- 
likely theatre manager. 

It keeps the action moving, 
and the music is bashed out 
with a credible approximation 
of the Mersey beat. Yet there is 
little attempt to answer the 
quesion why the most abusive 
of the Beatles should end up 
in a luxury Manhattan mansion 
block making bread for his 
“staff” to eat and baby sifting 
son Sean. 

If there Is a key it lies in 
Yoke, beautifully played as an 
earth mother by Mia Solerinu. 
The scene where her presence 
at a recording session acts as 
a trigger for the unspoken fued 
to surface between John and 
Paul is the best In llic play, 
probabtv because ir is the most 
fictionalised. For the rest, an 
extremely dramatic life conies 
over rather flat. 

Lennon leaves you to draw 
your own conclusion.-: — or none 
at all. As an opportunity to 
enjoy two decades of music — 
escapist fun fn the sixties: syn- 
the tic global concern in the 
seventies — in some high 
spirited company it needs little 
additional recommendation. 


Airbase/Oxford Playhouse 


B. A. Young 


T must admit that I knew 
little of what was going on in 
the first 10 minutes of Malcolm 
McKay's melodrama of US Air 
Force life. Ten feet above the 
stage, the tail of a Fill bomber 
stood on a gallery'. Half the 
stage was filed by a bar. a steel 
ladder led up to the gallery. A 
din tike the working of a night- 
mare factory proved to be David 
Wardill’s incidental music, and 
to its rhjThms figures in a half- 
light sketched the business of 
the next scene. This scheme pre- 
ceded every scene of the play. 

There is routine sexual ex- 
change between Master- 
Sergeant Bud Schultz. Captain 
Todd Walker and the new 
officer. Lieutenant Madeleine 
Kohler, but the main events of 
the evening are non-sexual. We 
are in a US air base in England. 
First, Lieutenant Vincenzo 
Rocca (Mark Rylance) turns 
back b3lfway through a routine 
North Sea patrol and flies 
across the Iron Curtain. Then, 
under arrest but unrestrained. 
Shoots too much marshmallow 
fair force for heroin) and takes 
the nuclear-armed plane on 
instant readiness across the 
North Sea and tosses a nuclear 
missile into Russia. 20 miles 
east of Archangel. As ihe final 
lights dim. we are awaiting the 
Soviet nukes, and everyone is 
in the bunker except Madeleine, 
fed up with the world. 

And she has good cause. 
None of the airmen goes on an 


operation without having a jah 
of heroin, which Tor some 
reason always makes them 
exclaim "Mamma Chrissti!’* as 
It hils. She herself is quickly 
converted to cocaine. Such 
items, smuggled in Trom 
Germany on Service aircraft, 
arc readily available at the bar. 
which is run by an English 
drug-pusher. The dialogue is so 
full of US Air Force slang that 
the programme prints a 
glossary of about 100 word*, not 
including the standard four- 
letter terms whieh crop up. 
functionally or ornamentally. In 
almost every sentence. It is 
advisable to con the glossary 
before going into the theatre. 

By chance. I had an Ameri- 
can airman sitting next to me. 
It was not quite like that at his 
station, he said, but he supposed 
it was a question of suspending 
the disbelief. Was it not really 
a kind of satire? And yes. I 
suppose it was. but my disbelief, 
for one, is not so easily sus- 
pended. and I look for plot 
more easily accepted before I 
can accept the satire. Frankly. 
Airbase, which I see with hor- 
ror is the first part of a series 
of four p lays, struck me as a 
dangerous load of rubbish. 

This is hard on the players, 
especially Mark Rylance. Greta 
Scacchi as an attractive Made- 
leine and Trevor Laird as a 
black pilot, for I thought they 
were all pretty good. The author 
himself directs, and the weird 
set is designed by Marty Flood. 



Greta Scacchi Aiowr mh.> 


Saleroom/ Antony Thorncroft 


Hockney set 

A record price, at least at 
auction, for a work by David 
Hockney is on the cards at 
Sotheby’s sale of contemporary 
art in New York on Tuesday. 
His 1968 portrait of Christopher 
Isherwood in conversation with 
Don Sachardy carries an esti- 
mate Of *500.000-5700.000, way 
ahead of the current auction 
best for Hockney of *250,000. 
Another Hockney in the sale, a 
rather similar double portrait, 
this time of the artists Joe 'Til- 
son and Peter Phillips in 1963, 
is estimated at *225,000^275.000. 

But these prices are small 
beer compared to the sums ex- 
pected to be paid for contem- 
porary American artists like De 
Kooning. Rothko. Clyfford Still 
and Jasper Johns. Perhaps the 
most remarkable lot in lhe sale 
is “Sangre de Cristo" by Frank 
Stella. It is the last of the 
artist’s copper paintings and, 
with a length of 42 ft. is the 
longest painting ever offered for 
auction by Sotheby’s: It is esti- 
mated at S750.000-2Im. The 
most expensive should be a 12 
ft high by 20 ft long splash of 
red by Barnett Newman: it 
could moke $1.5m. - 

in contrast to these attacks 
upon the senses Sotheby's in 
London is selling on Wednesday, 
in its topographical auction, two 
mid-I9th century volumes of 


for a record 

Chinese watercolours front the 
studio of Ting Qua, depicting 
court figures, flowers, birds and 
gardens in bright, even garish 
delicacy; bids up to £18,000 are 
forecast. 

Christie’s has a good sale of 
modern British pictures on 
Thursday and Friday, with large 
groups of work by Sickert. 
Lavery. and. among the many 
Lowrys. "VJ Day,* which car- 
ries a £60.000 top estimate. 

The auctions of 19th century 
pictures at Sotheby’s and 
Christie’s in New York at the 
end of last week were unex- 
citing. “In the temple” by Alma- 
Tadema was at the lower end 
of its estimate, selling for 
£52,559 at Sotheby’s in an auc- 
tion which was only 67 per cent 
sold. At Christie’s a Mannings 
portrait of the 7th Earl of Bath- 
hurst made £270,000. 

An album of 41 photographs 
taken in 1855 by the members 
of the Photographic Club of 
London sold for £16.000 at 
Sotheby's London on Friday. It 
was bought by Herskowitz. Ton 
years ago a similar album made 
£4.000. An 1839 image of wind- 
mills in Montmartre by Hippo- 
lyte Bayard, now acknowledged 
the historical eoua] in the de- 
velopment of photography of 
Fox-Talhot and Daguerre, made 
£6,600. 














14 


Financial Times Monday November 4 1985 



FINANCI AL TI MES 

BRACKEN HOUSE, CANNON STREET, LONDON EC4P4BY 
Telegrams: Rnantimo, London PS4.Telex: 8954671 
Telephone: 01-2488000 


Monday November 4 1985 


Lessons from 
the tin crisis 


EUROPE’S FOOD MOUNTAIN 

This time there really 
nm be no escape 


By Ivo Dawnay in Brussels 


THE tin crisis on the London 
Metal Exchange may well be 
seen as part of the dearth throes 
of post war efforts to manage 
commodity prices. The Inter- 
national Tin Council's buffer 
stock, now threatened with 
collapse, is the only commodity 
agreement to have been in con- 
tinuous existence since the mid 
1950s. . . , 

In recent years, political 
opinion has moved sharply 
against such pacts, so the 
demise of the ITC agreement 
may be little mourned by the 
industrial powers. 

It is clear that the 22 mem- 
ber governments of the ITC. 
representing consumers and 
producers, ignored many 
obvious warning signals: inclu- 
ding chronic over-capacity, a 
large overhang of stocks, and 
the sharp rise in production 
by non-member countries like 
Brazil. 

Outstanding debts 

In a vain effort to balance 
supply and demand at an 
excessive price, the ITC spent 
some £500 m trying to shore up 
a market already heavily con- 
strained by export quotas for 
producing countries. The sus- 
pension of trading eight days 
days ago has raised disturbing 
questions about the financial 
position of traders with out- 
standing positions at a time 
when market forces might push 
the price of the metal down by 
25 per cent or more. At the 
worst, the position of the LME 
itself could be threatened. 

The ITC must therefore issue 
a statement without more delay 
that they will pay the Council's 
outstanding debts. An associa- 
tion of governments, backed by 
the United Nations, must not 
allow further speculation as to 
whether it could renege on 
claims against it. even if the 
technicalities of their agree- 
ment. which never envisaged 
such large trading losses, could 
let them off the hook. 

Individual governments may 
say that they were not respon- 
sible for what was done by the 
group. Morally that can be 
no defence: operations in the 
commodity fixtures markets are 
inherently risky, so that what- 
ever their motives, governments 
must accept the consequences 
when things go wrong. Delays 
while the ITC countries argue 
about their legal obligations are 
damaging to confidence and 


of the ffC’s present debts to 
traders depends crucially on 
how successful it can be in pre- 
venting the price from plunging 
when trading is resumed. 

Its obligations are measured 
in tin at the pre-suspension 
price of £8.140 per tonne. For 
every £1,000 fall in the price, 
the ITC's loss might be of the 
order of £50m. Traders in the 
LME are facing a potential de- 
fault' measured in hundreds of 
millions of pounds in a worst 
case. 

The Tin Council will be under 
strong pressure to try to mini- 
mise its loss by setting a new 
floor price which will be lower 
but not too low. But it would 
have to give the buffer stock 
mana ger more cash to defend 
this price. An orderly move 
towards lower prices is also in 
the interests of the thousands of 
workers in third world countries 
including Malaysia, Bolivia and 
Indonesia whose jobs wil] be 
threatened by a sharp collapse. 

On the other hand;, the 
majority of Tin Council mem 
bers represent consumer 
nations which may be reluctant 
to throw good money after bad 
in an effort to bolster any new 
price above that which the mar- 
ket wants. 

The major problem, as a 
House of Lords committee 
pointed out several years ago, 
is that a buffer stock must be 
very large to be successful. The 
Tin Council bad not been pre- 
pared to spend enough after the 
defection of the US in 1982, and 
the rise in production by non 
members, particularly Brazil. 
This was compounded by the 
difficulty of estimating the equi- 
librium market price at a time 
of strong competition from 
other metals notably alu 
minium . 

As Keynes himself pointed 
out' in 1938 successful com- 
modity agreements offers ad' 
vantages to consumers and pro- 
ducers alike if they iron out 
the natural volatility of the 
markets. The tin agreement has 
been an example of this for 
most of its 30 years. But agree- 
ments must operate near the 
equilibrium price and be backed 
by enough money. These condi- 
tions have been increasingly 
hard to meet in most commodity 
agreements including those for 
rubber, coffee and sugar. 

In the case of tm. it is now 
clear that a greater reliance on 
market forces would have 
avoided the crisis which now 


B ob GELDORF, the food agenda, not so much for public cultural economists. The much more complex 

aid propagandist who relations reasons, but for Even before intensive discus- problem of cereals Is lire par- 
touches parts of the budgetary ones. sions among the farm Ministers ably hampered by West Ger- 

*""*“1; ?°l£!? ians Currently, over 1m tonnes were underway, Mr Frans many's refusal to sanction even 

F* butter, . 800.000 tonnes of Andriessen. the hardly radical modest price cuts, favoured by 

stuck at the European Parlia- beef, and 15m tonnes of grain Farm Commissioner, en- both the Commission, and the 

1351 top the table of food stocks, countered fierce criticism from other nine member states. 

i ^ pop a S1 2l TSfSLJSR ab sorb Ecu &25bn within the 14-member Cominis- Furthermore, the opti'/i of 

lambasted the Common Agn- (£L96bn) in storage and financ- sion itself. offering income aids to poorer 

year- That is Not least, among the com- fanners in compensation for 

EEC, Ecu 12 (£7.21) from each of the batants, was Mr Jacques Delors, price restraint is also barred. 

+ h« l Tnr lia nvl Community s 270m men. the Commission president, who As Mr Graham Avery, a key 

wo P ei1 811(1 children. has expressed concern both adviser on Mr Andriessen’s 

A range ®* desperate over the timing of the CAP re- staff, told a Brussels conference 

e * ^ has been 8 measures — Mr Geldof s " crown- form debate and the terms in earlier this month: ** Clearly, if 

Tut- idiocies" perhaps— have which the options are put we had a really restrictive 

rSSorm SS been to cut the ton- “Andriessen is a stubborn prices policy, the only way to 

• eI ®2i roal target, are widely nages. In the dairy industry, for .Dutchman with his own ideas as handle the consequences would 

SKSt * example, there has been a to what should be done,” one be a generalised system of in- 

sUgfltiy embarrassing mamfes- scheme to persuade the hardly insider explains, “but Delors* comes aids, 
tation of the farm policy's undernourished: Berliners to natural imperiousness insists on 

soundness, much as the French snap up extra cut-price butter having the last word." 

saw the Greenpeace af/aire as stocks, and an equally costly The effect of this dash will direct interest in that” 
a clumsy by-product of a project to feed butter to veal be to delay any firm decision- No incomes aid< - th s means 
basically sensible nuclear calves from whom, one can- taking certainly until after the no N «ib*5nt5 prfce^cuts and. 

not help observing, it was French national assembly elec- hence no wide-rancinn reforms, 
originally hijacked to the first- tions in March when Mr Delors’ T ^, 

socialist nartv cnUeaencc look Like the socialist objections to 
destined to go down to defeat means-tested welfare benefits. 
The crunch may come before Pnn«P|e of common prices 
the key elections in the West ?. one °* the CAP’S holiest tab- 


No member state or farm 
organisation has shown any 


strategy. 

Mr Geldofs prescriptio: 

Give the food away " — for pi^T 
once united EEC bureaucrat 
and politician alike in the 


But despite these moves. 


verdict that this solution is !! orage costs * now projected at 

indeed too good to be true. Jq s £ er f ^“ t budLet^n^iSt German landeT “of “"Lower lets - when cereal barons 

s “»r in Jane 

surpluses are merely a symp- sa ? irated w ° rld markets, 
tom, not the problem itselfT 111 311 effort t0 sober 



The unpdatable: but Uttle £^K' ni fL h Europe “ SSimSioners 
A.* £ — * Commission is projecting quad- 


Consequently, it is expected variably marketed 


. . Such a trend must eventually 

through pmh EEC spending through the 


Luittiid of earning interest « sSSeriSd STESk Mediterranean 
Sy £u£HS g ddK" lt SIS! “ off the fees for ^—gto 

a tnnnp nr whoat for housing unsold surpluses c °stl> structure _ . . „ - , _ , , ... ..... « 

pxunnlecosts the EECbudeet dir ^ from the CAP budget. Community's temperate North, tax. This latter measure will at many Commission officials are requires national parliaments' 
onivihp ^rice of the exMrt At 11115 rate of growth, the balanced by cash handouts least have the benefit of raising vigorously opposed to any such ratification— could prove to be 
subsidy ^ currently about Ecu 70 O^ucs mutter, the need for to tbe south. revenue to fund the export sub- project— not least because it snapping point 


subsidy, currently about Ecu 70 _ ... . 

($59.5). This bridges the gap ■*<£*■* *5*®* wdl soon fill the 
between the artificially high bolds of the millions of tonnes 
Community guaranteed price, European merchant shipping 
and those on the world market currently laid up in dock. 

If the European Co mmissi on Worse still, some of the 
was to give the grain away efforts to tackle the overproduc- 
free, the costs would have f 1011 problem, like last year's 
almost to double to cover the imposition of milk output 
whole of the $120 to S130 paid quotas, have had knock-on 
to fanners by national govern- effects on other sectors. Cattle 
ments on delivery to interven- slaughterings provoked by the 
tion stores. super-levy quotas on milk added 

There are a host of other a phenomenal 1.32m head to the 
reasons why the give-ibaway beet stockpile, further depress- 
option is just too simple. The ing rock bottom prices. 


‘We have had surpluses 
before but never so much. 
It is hard to see how the 
budget can be patched up.’ 


eliminates all hopes of price u ^ 
regulation as the main element ® n .® e have < 10 “ Icrease 
in market-oriented production VAT. it will pass the power to 
restraint-some think it is block spending to Parliament," 
already inevitable. says Mrs Barbara Castle, the 

a . UK Labour Party's formidable 

Assessments of the kind of champion of CAP reform, 
price cuts needed to achieve -Thev (other member states) 
real reductions in cereals pro- w uj have to agree to reform 
duction vary wildly from a j^t as they had to accept the 
modest 10 per cent to over 30 British budget rebate.” 
per rent. But everyone, even 

«e_ iffiitKoAl TAvOlwt n TIC' OtfaOrS XltOrC U^SltftPt 

Mr Michael Jopling. the UK about CPying w if. Britain’s 
minister who is most committed budget deal and its takings 
to the price cutting route, from the CAP may make it equi- 


ucuiagiu^ iw (.vuuucuwc auu avuiutu uic v. i ioij n uavw uww 

make their chance of restoring faces the industry, and would 
some sort of stability to the have given earlier warning of 
market more difficult the painful adjustments which 

This is the nub of their producers will have to make in 
present dilemma. The extent any case. 

Facts of life 
for steel 


SMALL MERCIES are all there 
is to be grateful for when con- 
sidering the world steel 
industry. Against a gloomy 
long term outlook for steel, two 
agreements were reached in 
Brussels last week which 
deserve some faint praise. 

The European Community 
liberalised the regime, or 
rather the cartel, under cover 
of which its steel industry is 
intended to shrink down to 
viable proportions. That rep- 
resented a step in the right 
direction. 

Second, US and Community 
negotiators reached an agree- 
ment (subject to final approval) 
prolonging existing limits on 
the Europeans' share in the 
American steel market. It is 
a bad agreement in principle 
and not improved because it 
extends the range of products 
subject to the regime. It may, 
however, have averted open 
trade war, even though it coin- 
cided with tit-for-tat increases 
of duty on European pasta and 
American citrus fruit. In prac- 
tice, the steel agreement may 
have been the best obtainable 
from the Americans. 

The proof of a not very tasty 
pudding will be whether the 
Europeans and the Americans 
use the time gained by these 
agreements to put their houses 
in order. In spite of wide- 
spread closures of steel plants 
in Europe, the European Com- 
mission estimates that another 
25m tonnes of steelmaking capa- 
city (or IS per cent of the 
total) need to be shut down. 

In the US the prime need is 
for greater efficiency. A cer- 
tain amount has already been 
done. But one indicator, the 
application of continuous cast- 
ing, shows the relative back- 
wardness of much American 
plant. At the end of 1984, 40 
per cent of American capacity 
used this modern form of pour- 
ing steel from the smelting 
furnace. In Britain it was 52 
per cent and in Japan 89 per 
cent. 

This technological backward- 
ness is one of the main reasons 
why the US industry has been 
seeking protection of one kind 
or another against imports for 
some 20 years. It is not a happy 
position for what was once the 
world's premier steel industry. 

The US General Accounting 
Office which, as a government 
agency is unlikely to take an 
un-American view, has produced 


a trenchant criticism of the 
kind of orderly marketing 
agreement now prolonged in 
relations with the European 
Community. By limiting foreign 
suppliers to a stated share in 
the US market, it blurs the dis- 
tinction between dumped, sub- 
sidised and fairly traded steeL 
It also rules out recourse to 
remedies against unfair prac- 
tices available within the Gatt 

Redundancy 

The Administration should 
summon the will to warn steel 
makers that the present agree- 
ment with the Europeans ought 
to be the last and that the whole 
system ought to be dismantled 
within a set period. The 
recent decline of the US dollar 
might make the case easier to 
make, though the political diffi- 
culties are considerable. 

Experience in Europe shows 
thait deadlines can be useful. 
The knowledge that the Com- 
munity would drastically re- 
strict the possibilities for 
government subsidy to steel 
from the beginning of 1986 did, 
in the end, prove effective. The 
Italian and French Govern- 
ments after dragging their feet 
did eventually put forward sub- 
stantial closure plans. France 
just got in under the wire last 
month with a £1.7bn subsidies 
package linked to restructuring. 

Tn practice much or all of 
that money will only benefit 
the French industry after the 
end of 1985. But at least there 
will be no additional subsidies 
available from then on except 
for redundancy payments and 
for help to companies quitting. 

The tightening of criteria 
this represents is welcome. So 
is the abandoment of produc- 
tion quotas for some products 
and the abolition of the mini- 
mum price system — always 
provided that the subsidy 
regime is tightly enforced. 

Both the EEC steel regime 
and trade agreement with the 
US have been defended on the 
grounds that the alternatives 
would be worse — uncontrolled 
national subsidies in one case 
and a trade war in the other. 
The danger, as with any 
departure from the multilateral 
trading system, is that the 
temporary becomes permanent. 
Unitl the EEC and the US are 
prepared to expose their steel 
industries to normal market 
pressure, their commitment to 
free trade will remain In doubt. 


lism tomes already delivered How then ean the Brussels rel^SL^Sr 'ItESgtoLd up. i, could 

by the EEC under food aid pro- farm managers tackle the crisis? valiantly resisting the Farm just slip through the German ar ^ Political mipossibh?. 

grammes, could certainly be in- clues to their preferred course Commissioner's traditional re- blockade. In the meantlme - .the Minis- 

creased. But even the hungry ii e buried in the text and treat to the highground of day- Soundings from Bonn’s ters must grapple with a Com- wp». ^ C « nuaa^v abimy 

thTSmW FEC ^xes to the Perspectives On to-day crisis management. Ministry 5 Apiculture have Pjf 1011 many to b«tenw 

absorb the 20m tonnes EEC ^ Cap discussion document. Nevertheless, his reform pro- suggested that a flat tax of believe will fall far short of “^CAP has P«>'ed re- 
published this. summer. posals are necessarily. forced to perhaps 2 or 3 per cent, levied £ e J dn *t o£ ™ easiIres need * d !° R^nt ^listorv^MS Droved 

- — -AH- but ruling- out further be piecemeal, limited, sector by nn all nmdiiwn at thi» Ski tackle the relentless growth in History . MS proved 

quotas and the more fanciful sector, attempts to use the point^^safe^ould t be h accept- ^ surpluses. The forthcoming th i *SH r SSSsnaStanfiSS 

[^9* (and costly) alternative use mounting budgetary pressures able to Mr Ignaz Kiechle the negotiations will nevertheless. 

Sonf 5 ’ roat^ proposals for grains such as to force through unwelcome re- Minister who this year single- act as a kind of ritual political pn^r.f'ri ° 

already fragile African rural hiStad* heav5y U toat ’ Drice^SE f °^ S * , . handedly resisted even a nomi- ViMh^^e^taratog^roS couId * Uo,r tt e Houdini-like 

economies with a product alien i“f£f d JJJXW These *“*• already emerged nalL8 per cent price cut muiiwSs a* th? CAP to slither once again off 

to local diets. ^ the basis ^ a new to „ Though Mr Kiechle formally the C o moro its Rotary hook. 

As one European Commis- olnSorm. buy out milk production in the denies it, diplomats in Brussels SSJ£? JSves to «»me But there is no doubt that 

sion official put it: " India To these would he added a dairy sector — a process which believe that Germany would ^ *° come - the Passa ndran wails of the 

banned cereals imports and is safety net of direct income aids, involves paying farmers to sur- ultimately approve of a straight- Hence a crunch of some sort forecasters are at last getting 

now a net exporter. We would aimed at those small family render production quotas, im- forward quota system to restrain seems inevitable. Unsold US serious attention in Brussel 

be just allowing the tonnages farms unable to survive the cold posed only last year. In return cereals production, along the surpluses, domestic protection- Beriayraont building ” We hare 

that undermine our farmers to winds of the free market. for cash payments amounting lines of those now agreed for ism, and aggressive marketing had surpluses before ” said one 

undermine the Africans.” Both elements in this strategy to some £2,000 per cow. But milk. combined with the EEC’s official. ” but never in so many 

Mr Geldof has perhaps un- appear already to have been this modest, -though sensible But before any such quotas promise to match American sectors simultaneously and 

wittingly, hit a raw nerve, be- strangled at birth by the poll- measure, will only remove 3m are agreed, other member states subsidies dollar-for-dollar are never so much Next year it Is 

cause the surpluses are now a titians, despite a generally tonnes from an annual surplus must be brought round to their forcing free market prices hard to see just how the budget 

problem topping the Community favourable reception from agri- of about 15m tonnes. inevitability. Furthermore, a relentlessly downward and thus problem can be patched up." 


Lord in waiting 

For the best part of two weeks. 
New York lawyers have been 
threatening to call Lord 
Hanson, chairman of Hanson 
Trust, to give evidence in the 
bitter court battle over the UK 
group's bid for SCM. 

The thought of bringing Into 
the witness box an English peer 
who. as one lawyer puts it, “ is 
entitled to make tbe law in 
Britain,” certainly tickles the 
legal fancy. But so far, as the 
cross-examination of a handful 
of Wall Street's elite has 
dragged on, Hanson has been 
left kicking his heels in Man- 
hattan, reflecting, no doubt, on 
tbe war of nerves that is all 
part of the courtroom action. 

If Hanson does appear, he 
may be in for some rough 
treatment The trial lawyers 
have been giving more than a 
passing imitation of Perry 
Mason at his most aggressive, 
tearing into witnesses with 
gusto and reducing carefully . 
composed arguments to shreds. 

The courtroom contest has 
regularly featured procedural 
clashes, and has included such 
props as an array of large 
charts, and a blackboard on 
which one attorney showed 
amazing skill in the arcane 
subject of harmonic averages. 

The proceedings have been 
sprinkled with light relief. The 


Men and Matters 


lawyers play to the gallery, and salmon, William IVs favourite 


both sides bave an appreciative 
band of associates filling the 
court's spare benches. 

But the sparks of humour do 
little to detract from the deadly 

seriousness of the contest which 

will have a crucial impact, not 
only on this particular bid, but CtlSfUlCl five 
on the conduct of other take- 
overs in the US. 


cotelette d’agneau, Victoria's 
petit vol au vent financiers and 
the sort of dishes that gave 
Edward VH his nickname 
" Tum-Tum.” 



“That’s great — how much do 
you want for it?” 


Royal tastes 

Those with a taste for history, 
so to speak, should find their 
appetites royally satisfied in the 
City of London next year. 

Payne and Gunter, the caterer 
which stages the state banquets 
at Buckingham Palace, is cele- 
brating the 200th anniversary 
of the Gunter half of the com- 
pany. 

Gunter’s was established in 
Berkeley Square in 1786 and 
was very soon catering for 
London’s upper crust There 
are references to it in Trollope 
and Jane Austen. Napoleon IH 
gave Gunter's a royal warrant; 
and Queen Victoria bad her 
wedding cake and jubilee cake 
made there. 

Researchers into 
history have also 
hundreds of menus for royal 
dinners throughout the 19th 
century and the early 1900s. 

So, in a business-like approach 
to the bi-centenary, Payne and 
Gunter are to stage some of 
-these six- to eight-course meals, 

Iwith accompanying wines, next 
year for tourists and native 
gourmets at around £80-£100 a 
head. 

The first royal customer. 

George IV, will be remembered 
in a banquet in the Royal 
Pavilion, Brighton. The dishes 
will include the filet de boeuf 
a la Napolitaine which he 
enjoyed there in 1817. 

The Tallow Chandlers’ Hall Round trjn 
and the Watermen's Hall in the riuunu «- ri P 
City wiU be among the venues Politicians, on the whole, have 
at which guests will sample a poor grasp of geography. 
Napoleon's 1811 brochette of Once outside their own back- 


Gunter’s 

retrieved 


While civil servants in Bri tain 
and France get down to study- 
ing the form of the applicants 
to build a fixed link across the 
Channel — contained in some 
15,000 pages of technical and 
financial information — William 
Hill’s Graham Sharp has already 
opened a book on the outcome. 

Hot favourite at 4-6 is the 
Channel Tunnel Group with its 
plans for twin rail tunnels. 
British backers Include Balfour 
Beatty, Costain, Tarmac, Taylor 
Woodrow and Wimpey as well 
as Nat West and Midland Banks. 

Sharp quotes 11-4 against 
Euroroute, whose proposal for 
road bridges linked by a mid- 
Channel tunnel are being pro- 
moted, among others in Britain 
by British ■ Telecom. GEC, 
Trafalgar House, British Steel, 
British Shipbuilders, Barclays 
Bank and Kleinwort and Benson. 

Close behind, at 3-1, comes 
Sea Containers’ plan for twin 
tunnels bousing two lane motor- 
ways and an electric train run- 
ning alongside. 

The outsiders at 16-1 are Euro- 
bridge. the consortium includ- 
ing ICI Fibres, John LMng and 
Arbuthnot Latham, which pro- 
poses a 35km road bridge; and 
at 16-1 the last-minute entrant. 
Theo van der Putten. with a 
scheme for 16 bridge and tunnel 
links. 

Sharp will not quote a price 
against the outcome being no 
fixed link at alL If no-one wins, 
punters will get their money 

h-irk 


yard, they soon lose all sense 
of direction. 

Mzs Thatcher thought she 
was in Malaysia when she was 
in Indonesia; President Reagan 
was in Colombia but thought he 
was in Bolivia. 

Senator Jesse Jackson got 
carried away in similar fashion 
during the anti-apartheid 
demonstration in London at the 
weekend. 

“ Freedom for South Africa." 
Jackson demanded. “Freedom 
for Namibia, freedom for 
Lesotho.” Then, to some 
bewilderment among the 
marchers, he continued: "Free- 
dom for Angola, freedom for 
Mozambique." 

Ken Livingstone. GLC leader, 
tried to put Jackson back on the 
right track when the senator 
announced they would be meet- 
ing die next day in Piccadilly 
Square. 

“ Circus," prompted Ken. 
“ OK, brothers and sisters, 
we " meet at Piccadilly Circles," 
said Jackson. 


Hardship club 

It may come as a surprise to 
many a HK$lm-a-year merchant 
banker or stockbroker, but 
Hong Kong has now been 
officially designated a “hard- 
ship post " for Canadian 
diplomats. 

Tbe British crown colony 
wins its “hardship " label, 
according to the Canadian 
Commission there, because of 
its humid, lyphoonal climate, 
the lade of recreational outlets, 
the smallness of the territory, 
and the extreme population 
density. 

But there has- been some 
taxpayer resistance back in 
Canada to the Commission’s 
decision to ease the lot of 34 
staff by paying HK$4.8m 
(£430.000) to make them 
members of the exclusive 
Aberdeen Marina Club. 

The investment was needed, 
apparently, because of the 
length of the waiting lists for 
the colony’s other refuges from 
privation — the Jockey Club, 
the Yacht Club, the Cricket 
Club or tbe Hong Kong Club 
itself. 


Observer 


Do you have 

information on the USM 
at your fingertips? 

The new 4th issue is available from earfy November 
it contains information °n all companies traded on the 
USM at the end of September. 

Tbgetiierwith background information on the market 
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* Company financial data 

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* A company directoiy 

* Details of Company Registrars 

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ft ttengstau trakfnxk tf TrvEactan*. TVtejr^ui comjav Umdai n the UK. 


next autumn — a factor which bureaucratic infrastructure— the cost of Community support 

may dampen any embryonic 40 per ““ on caiHtaI markedly more complex than export subsidies up. 

radicalism in the two German employee. ^ m . Jfc whieh ^ 


But the decision will not be t* 131 5^ A 21 ^ 1658611 ^ ^ cereals central agencies— must be pyt budgetary ceiling imposed on 

— ' — - - farm spending at the Fontaine- 


a iurmiuauie u* — “ — - * - — ci.im ?ne prospect ot flavine tn 

— axis — ready lower prices for the less saleable would create just such a mecha- member states VATcon* 

ie fees for and willing to ensure that any poor grade grains and a “ co- nism to allow a smooth transi- tributions to Brussels to pay 
surpluses costly structural reforms for the responsibility ” levy or producer tion to quotas. And though for t ^ e eX cess— a move that 


t 




.-1 . 








■•.Financial Times Monday November 4 1985 


15 



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per cent 
does not 
mean half 


By Ian Davidson 


President Rwigan, being interviewed by four Soviet Journalists in the Oval Office last Thursday 


F835SIBENT REAGAN has 
tabled a new *nps cputrgl offer 
■ip. Geneva. -an<J has $sked for an 
extension -to the negotiating 
round in .Geneva, so that it ean 
be discussed. This is what his 
European allies asked him to 
do, and now he has done it. 
Sorely, this is progress. Bus the 
honest «Ktiae& may still feel 
r «ntitM to ha note than a little 
:&£Fpi & to what It all adds 
up Jo, 

Essentially, he ' has thyqa 
options, cap interrogate 

learned and nwbei> 

crunching ■ strategists, to fin# 
out whether President Reagan's 
new numbers for nyeiear arms 
control are better than Ur 
Mikhail Gorbachev's, lie can 
question modi* pandits ^ 
public relations consultants, to 
-d iHOTtr whether prudent 
•Pww ww ahead* bfihiBd or 
P* t ?ewl Pegging in the 
propaganda contest Or he pan 
ask himself, prtratQly, whether 
- oror of tbfe fe ftr real- 

- .A- month ago, Mr Qofjbae&CY 
created a mild sensation W pro- 
posing a 59 per cent cut In 
strategic nuclear weapons. The 
US had long had an offer on 
the table for deep nuclear 
weapons guts, though in pre- 
sentational terms it looked like 
a smaller proportional cut than 
the new Sort# proposal. It 
appears that the new US offer 
raises the ante slightly, so as to 
mat^h the propaganda criterion 
-of “50 percent-” 

• *bp ®?1§ of She 
American offer were that tpa 
two superpowers sfaopH reduce 
the total' number qf warheads 
on long-range -baRfetie missiles 
to an equal ceding of SJfflO on 
each wie. and that bo nwre tiww 
half of tjdh-jptai f*ww be m 
laud* based mfs&es- The reason 
for this last prorioiop was that 
the U§ jp Wflgt wotrwd by jhs 
very &&&&$ tyfiPl 


land-based missiles, which 
accounts for most of the Soviet 
strategic arsenal 

While this looked, on 
theoretical grounds, like a 
reasonable proposition, it was 
criticised within the arms con- 
trol lobby for being implausible 
in negotiating terms, precisely 
because it would require the 
Russians to mate much bigger 
structural changes in their 
strategic missiles (both land- 
based and seaabased), the Soviet 
Union has about 9,200 such 
warheads; so that an equal 
ceiling of 5,000 would mean 
bigger cuts in Soviet forces. 
And whereas the US has about 
two-thirds of its ballistic missile 
warheads on submarines, the 
Soviet Union has about two- 
thirds of its baitistie missile 
warheads 'on land: so that a 
ceaJJpg of 2,500 Ob. bnd-bosed 
InterContinental Ballistic Mis- 
siles (XCBMs) wwld require the 
Soviet Union to SWt its I CBM 
force by over 60 per cent 

Of eourse. that was the point: 
the Americans wanted to dig 
deep into the Soviet ICBM force, 
especially the giant SS 18s with 
14 warheads each. But they did 
U9t boast about the 6 9 per pent 
implications, for obvious 
re&UQius. 

The American offer was also 
one-sided in g different way: it 
reSHHHd deliberately vague 
fbgut what should done 
about strategic nuclear weapons 
Qp bombers — and this is 9 
category in which the US hits 
sphstacdiaXly larger numbers 
than the Soviet Union: 2,500 
against 880. (Die figures come 
from the International Institute 
tot ftnte&e Stvdtes; frey may 
bo f Pgfri tiy different from figures 
puX out in the Uff, bqt it is the 
prdrrp of magnitude which 
manor, and at least tiwse 
figures Are ,^9tly pointed Jp 


the institute’s brand-new Mili- 
tary Balance report) 

Predictably, the long-delayed 
Soviet response was one-sided fn 
the opposite direction. The 
widely-advertised “50 per cent 
cut” would apply to launchers 
(missiles and bombers), rather 
than to warheads; and they 
reverted to a redefinition of 
'‘strategic.’' so as to sweep up 
aU the US missiles and bombers 
based in Europe which could 
conceivably reach the Soviet 
Union. 

The plus point in the Soyipt 
proposal was that the Russians 
offered* for the first time, to 
place ceilings mi warheads as 
well as on launchers. But the 
kicker was that the total war- 
head ceiling on missiles and 
bombers would pome down only 
to 6^K)0 of which «p to 60 per 
Cent could be on any one log 
of the tried— -ICBKs, sub- 
marines, or bombers- Given the 
current grand totals, of over 
10,900 US warheads and nearly 
the same number of the Soviet 
Union, a ceiling of A 000 would 
only represent a 40 per cent cut; 
If combined with a 50 per cent 
cut in launchers, this would 
increase the ratio of warheads 
to launchers; while the 69 per 
cent criterion would mean that 
the Soviet Union could keep all 
its giant SS 18 missiles and 
about a third of its SS 19s. 

Whereas the original Ameri- 
can proposal was designed to 
hack away at the Soviet ICBM 
force, the new Soviet offer is 
designed to hack away at all the 
US nuclear forces, including 
those based in Europe. 

The new American offer just 
tabled is more a modest re yisioo 
than a major innovation, if Bjst 
reports are to be believed. The 
missile warhead ceiling would 
be further reduced, from 5*00fl 
to 4,500. Since the Russians 
have about 9,900 warheads on 
missiles, hey presto! we have a 
(reduction of- the magic so per 


cent. (Since the Americans 
have poly about 7,500 warheads 
on missiles, their cut would be 
proportionately a lot lower.) 

At the same time, the US has 
responded to the criticisms pre- 
viously marshalled by the 
American arms control lobby, 
by raising slightly the maximum 
number of warheads that could 
remain on land-based ICBMs, 
from 2,500 to 8,000. fio the 
Soviet Union would not be re- 
quired to cut its land-based war- 
head total by over 60 per cent, 
but by only 53 per cent. 

The honest dtiaen has reason 
to feel confused by all these 
figures. On the one band, he 
may be inclined to suppose that 
there is a real negotiation under 
way, which is actually making 
some progress. The Americans 
made 9 proposal; the Russians 
replied, after an unconscionable 
delay; and the Americans have 
now made a counter-reply. Both 
sides are talking about deep cuts 
in warheads as well as in mis- 
siles which is what the Ameri- 
cans jure most anxious about. 
Perhaps the honest citizen 
should entertain a little cautious 
optimism that something may 
emerge from this process. 

On the other hand, he may 
find it diffic ult to distinguish 
between propaganda and real 
negotiation. Both rides are try- 
ing to appeal tq public opinion 
by brandishing one-line slogans, 
like “SO per cent cuts"’; hot 
their real proposals are pot so 
simplex-bow could they he?->- 
PW are they intended to he so 
equitable. 

The focus of this propaganda 
is the run-op to the Reagan- 
Qorbacbev summit in Geneva in 
a fortnight’s time. Mr Gorba*- 
ehev attracted all the attention 
last month wjth bis *50 per 
penf offer, pud there was 
serious concent fp the West that 
President Reagap would look 
bad ip the ratings if he failed 
to copse up with a matcher well 


before the summit. Now he has 
done so; there are sighs of relief 
all round; and he has been re- 
warded with a rousing vote of 
confidence at last week’s meet- 
ing of Nato defence ministers 
but does it really mean any- 
thing? 

2n the Russian view, the pur- 
pose of the summit is for the 
superpowers to undertake some 
serious business, starting with 
arms oontroL Bat President 
Reagan seems to be doing his 
best to play down the impor- 
tance of arms control at .the 
summit; indeed, it is still rather 
difficult to make out wfcpl he 
thinks is its real purpose. 

In his interview with the BBC 
last week, he seemed to be 
arguing that the top priority 
was to reduce “suspicion and 
hostility " between the super- 
powers. “While I know every- 
one is emphasising a reduction 
in arms — this is vital and 
important— but I see reduction 
in arms as a result, not a cause. 
If we can reduce these sus- 
picions between opr two 
countries, the reduction of arms 
will easily follow, because we 
will have reduced the feeling 
that we need them.** 

Just bow these suspicions are 
to be reduced was not made 
entirely dear, but it appeared, 
as in Mr Reagan's previous 
speech to the UN General 
Assembly, that the road to inter- 
national harmony and peace 
would lie in a Soviet commit- 
ment to stop meddling in Third 
World trouble $P9t9 such as 
Afghanistan, Ethiopia and 
Angola. President Reagan’s 
aspirations may be understand- 
able, but it is hard to Imagine 
that Mr Gorbachev is about to 
satisfy theat~even harder to 
imagine in what tgm» such s 
commitment wtid he negoti- 
ated. 

The clearest fting to emerge 
from the BBC interview is {hat 


President Reagan remains pas- 
sionately committed to a view 
of his Star Wars anti-missile 
defence programme (the so- 
called Strategic Defence Initi- 
ative), which is some distance 
away from any reality, techno- 
logical or political. He\till 
seems to believe that a pertbst 
astrodome defensive system ean 
be achieved, and that within a 
matter of years; and that Soviet 
objections to this programme 
can easily be assuaged by a 
solemn promise by the US that 
it will share this system with 
the Russians (“off the shelf?** 
— “why not?**) when that bright 
day dawns. 

There may be a few people 
in America who still believe in 
President Reagan's Utopian 
virion of what Star Wars can 
deliver, but not many. Most 
experts now take a much more 
cautious view. But there can be 
almost nobody who imagines 
that Mr Gorbachev will be im- 
pressed by Mr Reagan’s offer to 
sham Star Wars with the Soviet 
Union at some distant date in 
the future. 

If the President Is serious 
about nuclear weapons redac- 
tions. he must sooner or later 
radically change his tune on 
Star Wars. Perhaps he does not 
need to do it just yet Since it 
was Star Wars which brought 
the Russians beck to the negoti- 
ating table, and then Induced 
them to make their historic “ 59 
per cent" offer, maybe Mr 
Reagan should withhold conces- 
sion? on this defensive side of 
the equation until a deal on 
offensive weapons is within 
reach. But for the President to 
be stiR talking in such visionary 
terms does not suggest that be 
is positioning himself for & 
realistic negotiating strategy. In 
which case, we may face a very 
difficult propaganda situation if 
the summit ends without any 
meaningful result- 


Lombard 


Housing costs 
and inflation 


By Clive Wolman 


A CUT in mortgage interest 
rates is good news for the 
country and a rise is bad news, 
according to conventional wis- 
dom. Governments have gone so 
far as to enshrine this assump- 
tion in the measure of the rate 
of inflation which, according to 
the Chancellor, is “judge and 
jury" of the Government's 
monetary policy— and, for many 
Tories, of its entire economic 
policy. 

The trouble is that the most 
important member of the jury, 
mortgage interest rates, is bent, 
as the Treasury recently told 
die Retail Prices Index advisory 
committee. The inclusion of this 
item, which is rapidly becoming 
the biggest in the RPI, under- 
lines much of its usefulness as a 
measure of inflation. 

According to those who 
defend its inclusion, an increase 
in the mortgage interest rate is 
an increase in the coat of living 
for borrowers. When interest 
rates rise from, say 10 to 12.5 
per cent, the cost of living to a 
home owner servicing a £10.000 
mortgage rises from £1,000 to 
£1.250 a year, they point out. 

But the amount of money bor- 
rowed on mortgages from build- 
ing societies and banks by home- 
owners more or less equals the 
amount of money invested in 
banks and buildixig societies by 
depositors on which they earn 
interest When the mortgage 
interest rate rises, one group’s 
loss is offset almost exactly by 
another group's gain. More 
specifically, a rise in mortgage 
interest rates means a transfer 
of income from the 25-to45 age 
group, where the borrowers are 
concentrated, to the 55-to-75 age 
group where the lenders ore 
concentrated. 

Thus when interest rain rise 
from IO to 12-5 per cent, the cost 
to a saver, typically a pensioner, 
of buying a perpetual annuity 
of £1.000 falls from £10,000 to 
£8,000. 

The RPI is supposed to 
measure the prices of retail 
goods and sendees. But (he pro- 
vision of mortgage funds to 
home owners by building society 
or bank depositors is 00 more a 
“retail service” than the “pro- 
vision” of a regular investment 
income to depositors by heme 
owners. 

Strictly speaking, the bund- 
ing societies, banks and finance 
houses, when acting os inter- 


mediaries between lender and 
borrower, offer a genuine retail 
financial service. Their charges, 
as reflected in the spread be- 
tween their Vending and invest- 
ment rates, could legitimately 
be included in the RPI. 

The lumping together of 
apples and pears in the RPI 
has several bizarre conse- 
quences. These are three of 
the main ones: 

•Suppose borrowers start to 
rely less on consumer loans, 
which are never included in the 
RPI, and more on mortgages 
(even if they buy cars and no; 
houses with the money). This 
shift should cut their interest 
costs. However, the result is 
that the RPI rises even without 
any change in mortgage 
interest rates or in bouse 
prices. At present the RPI is ris- 
ing at a rale of 0.36 pe<r cent 
per year because of this factor. 

The Government cuts the 
basic rate of tax. Result; the 
RPI rises because mortgage 
interest is calculated after tax 
relief. 

The Government raises 
interest rates to cut the demand 
for credit and reduce infla- 
tionary pressures. Result: the 
rate of inflation, as measured 
by the RPI, appears not to fall 
but to rise, as happened earlier 
this year. 

Mortgage interest was origin- 
ally included in the RPI 10 
years ago as a proxy for hous- 
ing costs. This followed com- 
plaints that an upsurge in the 
mortgage rate could not be 
matched by pay increases under 
the Heath Government's statu- 
tory incomes policy because it 
was not reflected In the RPL In 
fact, as inflation soared, home- 
owners benefited from paying 
negative real interest rates. 

The RPI advisory committee, 
due to report early next year, 
should recommend a return to 
the previous measure of housing 
costs, namely imputed rent, 
which measures the rent paid 
by tenants, or forgone by home 
owners from occupying instead 
of letting their premises. This 
is the measure used in Japan, 
West Germany and the US, 
which recently abandoned the 
inclusion of mortgage rates. In 
the UK, imputed rent is the 
basis on which domestic rates 
aye levied— or at least would 
be levied if the values were not 
13 years out of date. 


ie USM 
ips? 



0 




LoolaifffOT 

work 

From Mr p. CqnWH 

and 9r & T°mr 

AimgJS ciT'JS 

unemployed, are nqt seeking 
.work, the Bte^oyment Gazette 
analysis of the ■' labour force 
- survey lends itself to a different 
interpretation, ■ • 

Affii* ^lof 

monthly “ official” unemploy- 
ment count are actively look- 
ing for work even though they 
are not eligible for unemploy- 
ment benefits. - 
The- survey shows that some 
200,000 ungajipliiged- cl aim a nt s 
were engaged In some form of 
paid work during the reference 
week (the week before they 
were questioned for the survey). 
The Gazette article makes it 
clear that many of these would 
have been undertaking the 
modest amount of part-time 
work permitted by the un- 
employment benefit and supple- 
mentary benefit - regulations. 
Others would have been people 
who became unemployed pari* 
way through the reference 
week. It would be perverse to 
that none or them 
would take full-time property 
paid jobs if they were available. 

A mere 1.6 per cent qf the 
3.3m unemployed benefit 
claimants are categorically 
identified by the survey as “not 
wanting or needing” employ- 
ment. 

The number of people stating 
that they had not looked, for 
work in the w«Ph before tiW? 
were questioned reflects more 
on. the non-availability of job® 
than on motivation, A5 

the Department of Employ- 
ment's figures indicate, thoTf 
are at least sP unemployed 
benefit claimants chasing every 
available Jqb in tfc® 

With 41 per ft® 

unemployed workforce new 
having been 

at least 12 months, and the 
average Spell of unemployment 

standing at. pine month*. » u 
little wonder that some 
have given up actively looking 
for work. 

On the whole, the survey 
results suggest 9 jobs gap (the 
number of jobs that need ty ** 
created to reduce unemploy- 
ment to zero) approaching 4m. 
Paul Conveiy. 

Dr David Taylor, 
Unemployment Unit 
9 Poi<md st, W* 

Finding the 
postcode 

Prom the Head Of 
Letter Planning, 

The Post Office 
SU-^here are many ways 
Mr 1 Clements (October 29) can 
find hlB own and other people s 
postcodes. Postcode Oregon*® 
covering every address in the 
country can be consulted at 
main post offices and many 
publics libraries, . There is also 
a postcode inquiry softer « 


Letters to the Editor 


every telephone directory lander 
“past*! jfcnnQtjs." ip addition, 
local postcodes §r? listed iP 
Thomson Loeal Directories 
which cover 80 per cent of 
homes is the United Kingdom. 
A full set of postcode direc- 
tories is also available free of 
charge to businesses. 

Anotbar good practice is for 
everyone to quote their own 
ppstogde on all business and 
personal mail so that letters 
sent in reply will be coded. 

I should add that no letters 
will be deliberately delayed, as 
suggested by Mr Clements, but 
of course letters carrying the 
postcode speed through our 
automatic sorting ma c h i n e* 
much taster. 

Colin Johnsoq. 

fl 3 , Crofvenov Pfqeft, SW*. 

Lapger summer 
time 

■I l M ' 

Front Mr P. Rofcfpn. 

ffir,rr-Mr Clive Woman (Lom- 
bard, October 25) advanced the 
arguments for a return to the 
1968-1971 experiment In year- 
long BST. I was a member of 
the foreign exchange market 
during those years and recall 
well tte impact of H, I never 
regretted its abandonment and 
would hope that this (Wilson* 
i*3) experiment is * WW 

resurrected. It was— and would 

be, na doubt « fine for the 
deala** and brokets but it wa* 
ho joke for the rest of the 
population whose way of life 
did (apd does) not require 
them to distort their winter 
dm Is match thas§ of people 
longitudinally east of us. I 
have in mind particularly 
children going to sehatf iu 
nitpb^arS mornings m the 
xnsift winter months with unlit 
shops and often unlit sheets 
(whereas in the evenings there 

SrSfiya fights). Tbe 

posents of this idea argue that 
it was only the Scots and the 
farmers ("Jo* two small 
groups’’) who opposed «: 
despite my name and present 
rural address I represent 
neither of these categories: I 
can recall considerable wide- 
spread resentment from *11 bl*t 
a few^rinevitably worfcre^M 
— groups. 

. I would offer two roggeffiojis. 
Maybe BST could with advant- 
age feg extended both into 
fftwember and from sometime 
in March: it is perhaps the case 
that the period of BMT js at 
present toe prolonged. But 
rather than the tall wagging the 
dog and the City subjecting the 
rest of the country to yeai^ 
round BST, why should not 
ib83s cMwsnied .adopt me 


practice (which my own bank 
followed in those days) of stag- 
gered hours *0 that in, say 
foreign exchange departments, 
the dealers (who after all come 
in early anyway) receive a 
measure of back-room support 
from their start to their finish? 
Peter Robeson. 

Thatchers, 

Happisburgh, 

Norwich, Norfolk. 

Stock Exchange 
entry fees 

From the Chairman, 

The Stock Exchange. 

Sir,— One correction, please, 
to your excellent summary 
(November I) of the Stock 
Exchange’s proposals. You say 
that in March we “indicated 
that charges for outside finan- 
cial groups seeking to control 
Stock Exchange firms could be 
around £500,000.” This figure 
was an estimated maximum cost 
to the largest potential new 
entrant Mo-.t new entrants 
under the earlier proposals, 
which were based on taxation 
of revenue, would have paid far 
less. On present plans the new 
method* of assessment will also 
attempt to make allowances lor 
relative size. 

(Sir) Nicholas Goodisqq, 

The Stock Exchange, EQ2. 

Borrowing and 
lending 

Front Mr J. Bartlett 

Sr.—The concern of Mr K 
Bowie (October 29) about a 
borrower from the Halifax 
Building Society is misplaced. 

Obviously the prime purpose 
of finance for the borrower is 
to purchase a house, but t)ie 
lender is acting merely as a 
bank, having jppte regard for 
financial Strength of his 
mortgagor than the property 
itself- No building ' society 
Would I am sure lend to a bank- 
rupt or unemployed vagrant no 
matter how valuable the 
securityy. 

Furthermore, since earnings 
typically keep pace with infla- 
tion and house prices are in 
turn closely related to wages, 
provided the security is in a 
high demand area, say, central 
London, even with' indexing all 
parties should be happy with 
an indmt-tinkeij loan. The fact 
that inflation may or may not 
continue for a further 35 years 
is in a sense of little relevance 
since If prices do fall so will 
the Index-linked portion of the 
debi 

£y €8fB£3?iaBB the majority 


Qf commercial lease? provided 
for an initial contracted rent 
with « further review after five 
years to entirety unanticipated 
figures and yet this is very 
widely adopted throughout the 
country. This surely assumes 
the principle of “a Rftie now 
and an unknown amount latpr." 
James Bartlett, 

The Mount, 

Batchworth Hill, 
f&ckwpiruvKnth, Herts. 

Credit reporting, 
Agencies 

From Mr J. Savage 

Sir.^-Tb* report by William 
Dawkins (October 29, Manage- 
ment Page) ex ami ne d Britain's 
credit reporting agencies, but 
he could have mentioned that 
reports are also available op 
Overseas customers Ob whom 
exporters often have tittle or 
no information to support their 
commercial judgement. 

Clearly it is important to 
obtain as much information as 
possible on a business's financed 
health and ability to pay before 
supplying goods, but if a 
customer fails t° P*Y. subscri- 
bers, to the service should be 
aware that there is no recourse 
to the credit reporting agency, 
even if the report on (be 
customer indicated that they 
appeared to be in a sound 
financial state. Credit insurance 
is required to provide the 
ue?e«a»y protection aga ins t bod 
debts. 

J. R. Savage. 

Risk Administration. 

41. St Mary Axe, $Q3, 

Npw verb 

imkM 

From Dr F. Heller. 

Sir— I have just $pent some 
time in Shanghai and was 
reminded that in the 19th 
eentuiy the verb “to Shanghai” 
was used to describe unsavoury 
practices associated with that 
port- Today its business pro* 
tices are above reproach, while 
Song Rqng, or at feast its inter- 
gatiffPrt airport, is reniffiy 
earning a yeputeaqu for 
exploitation for which a new 
verb may have ta he coined. 

Some underdeveloped 

countries char** OU airport fee 
at the last moment when you 
least expect it, but usually it is 
• matter of a few pounds. Hong 
Kong, a- centre. of great wealth. 
Charge £15,- which fe bbt- 
tsgeqns. Airlines are much too 
passive about this kind of 
exploitation of their passengers. 
Then there js the so called 
“duty free.** A beautifully made 
pure Cashmere pullover in 
Shanghai costs £27. in Hong 
Kong-nwith a different label 
it costs £120. A camera which 
was £75 fe Hong Kong’S main 
shopping streets, presumably 
including tax, cost £HQ in the 
airport “ duty free " shop. 

Dr Frank A. Heller, 
f Director— Centre for Decision 

Making Studies). 

The Tcuwtoek Centre. 

Belsize Lane, NWS. 


Amro International Limited 


announces its integration on 


MONDAY 4th NOVEMBER1985 


with 


EBC Amro Bank Limited 


EBC 
AMRO 


The new address will be 

10 Devonshire Square, London EC2M 4HS 
Telephone: 01-621 0101 Telex: 8811001 





-TJtf: 


A FRTFKm uray 


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FINANCIAL TIMES 


ilii soo 

i London IWflB 


Monday November 4 1985 


(0367)5353 ' 


Terry Byland on 
Wall Street 


Short-lived 
rally for 
retailers 


Company 

P/E 

Allied Stores 

8 

Federated Dept 

IQ 

Hay Dept 

10 

Macy 

16 

SAP 500 

12 


centres scattered throughout the 
US. Federated Department Stores, 
another, owns stores ranging from 
New York (Bloomingdales) to Los 
Angeles (Bullocks), Atlanta (Rich’s) 
and so on. 

But retail premises are not al- 
ways as easy to sell as might ap- 
pear. They are of interest only to 
other retailers, not to builders of 
town houses, condominiums or chic 
but tiny restaurants. 

Another reason why the stocks 
have calmed down is that the sector 
was already comfortably close to its 
52-week high on trading grounds. 
May, Federated, Allied and J.C. 
Penney are all within a cent or so of 
their year’s highs. While Macy's re- 
cent strength is based on the ex- 
tremely generous buyout terms. 

If hopes of a flood of retail take- 
overs seems unlikely, then it seems 
difficult to justify any further rise 
in stock prices at the moment The 
profits profile for this year is unex- 
citing, although 1985 has gone bet- 
ter so far than seemed likely last 
January. 

Analysts are confident of a good 
Christmas selling season. Consum- 
er debt is high, bit so is consumer 
confidence and unemployment re- 
mains subdued. There are no signs 
of the fiasco of the 1984 selling sea- 
son when a sudden check in con- 
sumer spending left the stores with 
mounds of inventory 

But there is some nervousness 
over the medium-term outlook. The 
slump in car sales as soon as gen- 
erous financing plans were ended 
suggests that consumers may tight- 
en their purse strings on January 1. 

It is against that slightly uncer- 
tain prospect that retail stocks are 
being judged on Wall Street Feder- 
ated Department Stores, selling on 
almost the same earnings multiple 
as the Standard & Poor's 500 
stocks, might take a tumble in the 
new year if no bid materialises. 
Even with a better profits outlook 
for next year than most of the sec- 
tor, Federated is leaning heavily on 
the property interests that fuelled 
the recent speculative interest 

May Department Stores may 
have similarly outrun its trading 
prospects. With an earnings ratio 
also dose to that on the S&P stocks, 
the stock is hoping for a strong 
opening to the new year - in con- 
trast to Wall Street's view of the in- 
dustry outlook. 

More conservatively priced are 
some of the issues that ignored the 
speculative uptick that followed the 
Mapy news. Allied Stores, with a 
comfortable rise in earnings expect- 
ed this year, is selling on 8.5 times 
prospective profits, indicating that 
the stock market is already pre- 
pared to take some disappoint- 
ments in next year's opening 
quarter. 

Investors might do well to steer 
clear of the more highly priced re- 
tail issues, were it not for the new 
joke card introduced into stock 
market calculations last week. If 
US. interest rates are to be brought 
down as part of a concerted move to 
lower the dollar, then the store 
groups win follow the interest- 
rate-sensidve stocks upwards. Low- 
er short-term rates will do wonders 
for inventories as well as, one 
hopes, stimulating the economy. 
But takeover speculation alone will 
not do the trick. 


Controversy over Rainbow Warrior sinking might be revived, reports Paol Betlis 

Greenpeace row may re-surface 


THE LEX COLUMN 


THE excitement in retail stocks 
that followed the proposed 53.6bn 
management buy-out of R.H. Macy, 
the premier department store be- 
gins to look like a one-day wonder. 
Even setting aside stock in Macy 
itself, which remains resolutely 
around 18 per cent below the £70 in- 
dicated buy-out price, the sector has 
failed to live up to its brief moment 
of excitement 

“We do not expect many cithers 
(buyouts)" said Mr Paul Rothman 
of Advest the brokerage firm, voic- 
ing his own and the general view of 
the street Nor have any been forth- 
coming, and prices, even in those 
stocks which featured in the specu- 
lative flurry, have given up much of 
the brief speculative rise. 

That is not to say that there are 
not several leading retailers that 
are attractive break-up targets be- 
cause “their parts are worth more 
than the whole," as Hnthman puts 
it But bid excitement has been 
cooled by doubts over the cost of fi- 
nancing bids for the huge retail 
chains. Most of the big groups have 
invested heavily in new store open- 
ings and in the upgrading of exist- 
ing outlets. Takeovers, either from 
inside or outside the company, 
would have to be paid for by selling 
off properties, or reversing diversi- 
fication policies. 

May Department Stores, a not- 
able speculative favourite, has 145 
stores and more than 50 discount 



THE START of the trial in New 
Zealand today of the two French 
secret service agents accused of be- 
ing involved in the sinking of the 
Greenpeace ecological movement’s 
flagship Rainbow Warrior is likely 
to revive the political controversy 
over the so-called “Greenpeace af- 
fair” in France this week. 

However, there are few signs at 
this stage that the latest chapter in 
the affair risks provoking another 
full-blown French political crisis 
like that which led to the resigna- 
tion last month of Mr Charles Her- 
nu, the French Defence Minister, 
and of Admiral Pierre Lacoste, 
head of the French foreign, intelli- 
gence service (DGSE). 

Indeed, since the resignations of 
Mr Hernu and Admir al Lacoste, the 
Greenpeace affair has virtually dis- 
appeared from the front pages of 
the French press. It also seems to 
have been successfully buried so far 
by the Government 

Moreover, the French Govern- 
ment has been negotiating with 
New Zealand to resolve the bilater- 
al issues raised by the sinking of 


the Rainbow Warrior. Those nego- 
tiations are understood to have 
been taking place in New York dur- 
ing the United Nations General As- 
sembly with the two governments 
seeking to reach an acceptable com- 
promise on the financial compensa- 
tion France should pay and on the 
fate of the two French agents 
caught by the New Zealand police. 

During the past two weeks, the 
Socialist Government has acted res- 
olutely to smother the scandal, 
which seriously risked putting in 
the balance the Government of Mr 
Laurent Fabius, Prime Minister, 
and in so doing undermine the au- 
thority and position of President 
Frangois Mitterrand. 

Gen Renft Imbot, the new head of 
the foreign intelligence service, 
made an mH forceful ap- 

pearance on French national televi- 
sion to say that he bad “bolted all 
the doors” in his service and that 
there would be no more leaks such 
as that which had led to the politi- 
cal scandal in France. Since his 
statement, there have so far been 
no big new disclosures on the affair. 


Mr Paul Quiles, the new Defence 
Minister, P ni * Mr Fabius himself al- 
so attended the latest series of nu- 
clear tests in the Pacific to show the 
French Government's determina- 
tion to pursue its nuclear policies. 

As a further example of the new 
“hard line” adopted by the defence 
establishment, Mr Quiles sus- 
pended a general at the weekend 
for having publicly criticised the 
state of the French tank forces. Gen 
Philippe Arnold claimed that 
Trance's tank farces trailed behind 
those of the UK and West Germany. 

A further sign of how the con- 
troversy over the Rainbow Warrior 
suiting has died down is the in- 
creasing popularity of Mr Hernu, 
who said at the end of last week he 
would consider running for the 
French presidency in 1988 if Presi- 
dent- Mitterrand did not stand 
again. 

But the lull in the Greenpeace af- 
fair might none the less be disrupt- 
ed by the start of the preliminary 
hearings of the trial of the two 
French agents. Mr Quiles on Satur- 


day spoke on the telephone to the 
two agents, who risk life imprison- 
ment if found guilty of wnilg ™E the 
d eath of the Greenpeace photogra- 
pher who was on the Rainbow War- 
rior when it was blown up last July. 

Mr Quiles expressed his personal 
support for (he two agents. 

The right-wing opposition par- 
ties, which have generally avoided 
using the Greenpeace affair to at- 
tack the Government in the past 
two weeks, are likely to seize the 
occasion of the trial to needle the 
Socialists further. 


See Milan 
and buy 


Mr Jacques Chirac, leader of the 
neo-Gauliist RPR party ami also 
mayor of Paris, referred to the 
Greenpeace affair at the end of his 
television debate with Mr Fabius 
last Sunday. 


Mr Francois Leotard, head of the 
centrist Republican Party, said in a 
■similar van yesterday that it was 
not so much the trial of the French 
agents which was starting but “the 
judgement cm Mr Fabius and in a 
rerfam way of Mr Mitterrand." 


Sinn Fein fears UK ban may 
follow an Anglo-Irish pact 


BY HUGH CARNEGY IN DUBLIN 


STRONG FEARS emerged during 
the annual conference of Sinn Fein, 
political wing of the IRA, in Dublin 
at the weekend that any agreement 
resulting from the present Anglo- 
Irish talks on Northern Ireland 
would be a prelude to a British 
crackdown on the party, innln ding 
posable proscription. 

At a private session yesterday, 
delegates were reported to have 
been told by Mr Gerry Adams, par- 
ty president, that Sinn Fein be- 
lieved there was a plan to proscribe 
the organisation within a few 
months of a London-Dublin 
agr ee ment 

That was echoed by Mr Martin 
McGumness, Sinn Fein London- 
derry councillor. He told journalists 
on Saturday that the party was the 
main target of the talks and he con* 
sidered prosc ri ption a possibility. 
“We have to brace ourselves for an 
offensive by the British Govern- 
ment" he said. 

Unionists have strongly pressed 
London to curb Sinn Fein, which 
has caused uproar in Northern Ire- 
land local government since it won 
59 local council seats earlier this 


year. Mr McGuinness said action 
against Sinn Fein was meant to 
stem Unionist hostility to an agree- 
ment with Duhlin. 

In his speeches to open sessions 
of the conference, Mr Adams 
sought to steady Republican nerves 
over the talks, which are in their fi- 
nal stages. Both governments have 
cautioned that an agreement is not 
guaranteed but there is widespread 
speculation that a deal will be con- 
cluded within the next few weeks, 
giving Duhlin a consultative role in 
the province’s affairs and strength- 
ening border security. 

Mr Adams said the talkie woe 
aimed at isolating Shm Fein and 
that any concessions made by Brit- 
ain would be no more than “minor 
appetisers.” Noting rejection by 
Mrs Margaret Thatcher, the UK 
Prime Minister, last year of all 
three proposals for Northern Ire- 
land set out in the Irish Forum Re- 
port, he said: “I hereby give notice 
to Margaret Thatcher and her cron- 
ies in Dublin that we have no inten- 
tion of ceasing to be successful... 
We intend to be successful again 
and again and again.” 


In an unexpected intervention in 
a debate on the Anglo-Irish talks on 
Saturday, Mr Adams told d elegates 
not to be nervous about the out- 
come. Sinn Fein would not be de- 
feated and would not renounce the 
right of the IRA to wage an armed 
struggle. 

Mr Adams received standing ova- 
tions before and after his presi- 
dential address. But there was de- 
feat for the leadership in an at- 
tempt to soften Ihe party’s stand on 
abstention from British Irish 
parliamentary institutions. Al- 
though Sinn Fein members have 
been elected to both parliaments 
and to the Northern Ireland Assem- 
bly, the party refuses to take its 
seats. 

Underlining his disquiet over the 
Anglo-Irish faik^ Mr Charts 
Haughey, Irish Opposition leader, 
told a youth conference of his 51an- 
na Fail Party on Saturday that the 
talks would be a "fraudulent waste 
of time” if they reaffirmed British 
sovereignty over Northern Ireland. 
British officials have said repeat- 
edly that sovereignty was not cinder 
discussion. 


Channel 
tunnel wins 
US, Japan 
backing 


EMS ‘could cut UK inflation’ 


Continued from Page 1 


stable environment for business 
planning, and that currency dis- 
turbances emanating from the oil 
market could be ha ndle d within the 
EMS framework. 

The system could not be a substi- 
tute for fiscal and monetary system 
discipline, however, and the LBS 
argues strongly against taking the 
pound in at an undervalued rate. 

“...A moment’s thought will re- 
veal that, if one purpose of EMS 
membership is to provide the disci- 
pline needed to get inflation down, 
then there Ls little point in joining 
with a large competitive 
advantage.” 

“It is only when firms are con- 


fronted with an actual or imminent 
competitiveness handicap that the 
EMS discipline starts to work," it 
says. 

An added benefit of British parti- 
cipation, it argues, would be that it 
could serve to reassure financial 
markets about the firmness of the 
authorities' anti-inflation resolve 
following the need to revise tire tar- 
gets for sterling M3. 

Turning to domestic matters, the 
LBS says the scope for tax cuts in 
Britain next year may total only 
Obn (S1.44bn) rather than the 
£3&bn envisaged in the Govern- 
ments medium-term financial 
strategy. 


It says a stronger pound and low- 
er ofi prices couki cut the Govern- 
ments North Sea oil revenues to 
£8 .3 bn in the financial year starting 
next April That would compare 
with the ElLBbn expected this year. 

Even £lbn of tax cuts in the next 
budget will have to be balanced by 
an equivalent amount of asset sales 
in each of the next four years, be- 
cause reductions in one year create 
a permanent loss of revenue in fn- j 
ture years, the LBS says. ! 

Economic Outlook Vol 9. No JO, 
London Business School Centre for 
Economic Forecasting. Subscrip- 
tion UK £90, Europe S170, from 
Cower Publishing, Cower House, 
Croft Road, Aldershot, Hampshire. 


LONDON BUSINESS SCHOOL FORECAST FOR UK ECONOMY 


°fo ch a nge antes* otherwise shown 


Gross domsstlo product: output 


Inflation (eoMunwr prices) 


(excluding efl) 


Componen ts of dema nd tyotom es ) 
Contain e*V expenditure 
Total fixed investment 
General gover nm ent consum ption 
Stock bidding (£txi 80) 

Exports of goods and senrioes 
Imp or t s of good* ond s ende e* 


Financial background 

Public se ct or borro win g req u irement (£bn fin yrs.) 
Money stock itsrBng M3 (% change in tin yr) 
Exchange rate (staffing Index, 1876—100) 


Labour market 

Wages & salaries per employee 
Av er age earnings In manufa cturing 
n e g ls to ied ndutt u n e m plo ym ent (UK, mBBona) 
Cu rran t balanc e of pa ymen t* (Cbn) 



By Paul Betts In Paris 

A NUMBER of major international 
investors, neither British nor 
French, have openly pledged their 
support for the first time for a fixed 
link across the English Channel by 
backing one of the competing pro- 
jects for the huge civil engineering 
venture. 

Sotiete Gen&rale de Belgique end 
Sotiete Nationale dTnvestissement 
de Belgique, and the Banca Com- 
mercials Italians, have decided to 
take a s foku m the France-Mancbc 
consortium which is the French 
partner of the British Channel Tun- 
nel Grmqi proposing to build a twin- 
bore nil tunnel at a eaptal cost of 
ELBbn (S3.7bn). 

Salomon Brothers, the US invest- 
meat firm, and Nomura Securities 
of Japan, have also agreed to back 
France-Manche and the Channel 
Tunnel Group by raising significant 
funds on their respective financial 
markets for the project. 

Moreover, France-Manche said a 
number of new French investors 
had also decided to join the consor- 
tium including the Credit Agricole, 
the large French agriculture bank- 
ing group, the nationalised Com- 
pagnie Financiere de Sue, the 
Group Drouot and the Sodfete 
Lyonnaise des Eaux. 

The announcement that leading 
inter n atio n al groups were teaming 
up with the France-Manche/Chan- 
nel Tunnel Group consortium 
comes only a few days after the 
deadline last Thursday for the sub- 
mission of projects to the British 
and French Governments 

France-Mancbe/Channel Tunnel 
Group is regarded, with the Euro- 
route consortium, as one of the two 
leading co nte nders to win the huge, 
fixed-link project. 

France-Manche already groups a 
series of French construction com- 
panies including Bouygues, Dumez, 
SAE, SGE, and Spie BatignoDes 
and a number of nationalised banks 
including Ccfedil Lyonnais, Banqae 
Nationale de Paris and Banque 
Indosuez. 

Its UK partners in the Channel 
Tunnel Group are Balfour Beatty, 
Costain UK, Tarmac Construction, 
Taylor Woodrow, Wimpey Interna- 
tional, National Westminster Bank 
and Midland Bank. 

Its rival Euroroute consortium is 
proposing to build a bridge and tun- 
nel link across the Channel It in- 
cludes in the UK companies like 
Trafalgar House, British Telecom, 
Associated British Ports, GEC, Brit- 
ish Steel British Shipbuilders, Bar- 
clays Bank, Kteinwort Benson and 
John Howard construction 

mmpan y 

- Its French promoters are SocLetfc- 
G&ferale, the French nationalised 
bank, and Banque ftribas, Als- 
thom. CGE, the Usinar steel group 
and GTM-Entrepose. 


Mediobanca struggle 


Continued from Page 1 


Me di o b a nc a. Dr Cucda in 1955 de- 
vised a secret control syndicate in 
the bank giving four shareholders 
who together hold only 157 per cent 
of the equity - Pirelli Lazard 
Freres, Berliner Handelsbank and 
Lazard Brothers of London - an 
equal say in decision making. 

The Mediobanca issue was taken 
up by politicians over the weekend. 
Italy's Christian Democrats, which 
support HU and Prof Prodi, favour 
an end to what they see as Dr 
Cucda’s hegemony. Republican 
politicians - who are closer to Mr 
Agnelli - allege that the attempted 
ousting of Dr Cuccia is the first 


stage in the politicisation of. the 
bank, allowing the interests:, erf big' 
political parties to take precedence 
over business logic. The Socialist 
party of Prime Minister Bettino 
Craxi - which apposes Christian 
Democrat in fluence at HU - has 
also attacked the HU position. 

Dr Cuada’s supporters at 
Mediobanca, chiefly in the person 
of Mr Agnelli, have threatened to 
“abando n " the bank if the 76- 
year-old director is not reappointed. 
But a withdrawal by the Agnelli-led 
group would appear to play into the 
hands of HU and is therefore seen 
in financial circles as a bluff. 


If it's 1985, it must be Italy: those 
institutional package tourists on 
whirlwind tours of out-of-the-way 
European stock markets have liked 
Milan and decided to stay. So far 
this year, the Banca Commerciale 
index of the Milan bourse, which 
handles all but a small fraction of 
Italian turnover in equities, has 
added 75 per cent to its value. 

Five per cent of the market is 
now held by foreigners; and for ev- 
ery Boston fund manager who sold 
out on the Blade Thursday of the 
government crisis, there was an- 
other in the City of London to bet 
that it would bowl along, govern- 
ment or no government 

That a market yielding 3 per cent 
fifa ggld be wMiwiAwwf r hasp in inter- 
national comparison is certainty 
odd. And, even allowing for the sub- 
stantial weight of Italian depreda- 
tion charges, a historic price/earn- 
ings multiple of over 20 hardly 
drops Milan info the bargain- 
of-the-year slot But most interna- 
tional investors have exchanged 
Anglo-Saxon valuation, methods for 
a simple glance at the demand side 
of the equation. 

The harassed fund managers of 
the new Italian unit trusts must 

handle ro ughly a Killinn fire of nash 

flow from the public every hour. 
Those maiden ingfitntimiai inves- 
tors may wen stop Milan reverting 
again to the rather seedy gentle- 
men’s dub for the allocation of capi- 
tal gain between friends. But a mar- 
ket capitalised at just over $4flbn, or 
13 per cant of official GNP, has 
some way to go as a functioning 
source of the risk capital Italy 
needs. 



Savings pool 


Italy is one of the world's great 
hoarding nations. Yet to gain access 
to a pool of savings more-or-tess 
equal to the accumulated national 
debt, the state not only requires ex- 
change controls but must offer the 
pifofic a tax-free real yield of almost 
7 per cent of short-term govern- 
ment securities. - ■ 

Confidence in the state pension 
scheme. Imps, which faces costs in 
the next century that beggar those 
of Britain’s Serps, is just as low. 
life cover is minimal and the col- 
lapse of the inflationary boom in 
property in 1981 left many savers 
desperate for a place to put their 
money - other than a suitcase on 
the Lugano train. 

In retrospect, the law authorising 
unit trusts based in Italy in March 
1983 was bound to have an impact 
on the equity market; but with the 
commercial hanks entering the 


field to protect their deposit base, 
fbe trusts have seen a tenfold in- 
crease in funds under management 
so far this year. If the 10 old Luxem- 
bourg-based trusts are added, the 
movement now owns 8 per cent of 
the market. Only a third of that to- 
tal is invested in equities; but that 
has not been for lack of running af- 
ter a free float as little as 40 per 
cent of the markets capitalisation. 

Since the 1981 boom was primari- 
ly account trading - now restricted 
by the Cbnsob, the regulatory au- 
thority - this is the first surge in 
real liquidity for 25 years. Opera- 
tors as diverse as Carlo de Benedet- 
ti, who will raise some L7QQbn this 
year one way or another, and 
Montedison, which is bringing for- 
ward its mammoth rights issue, 
hove taken the point 

The result is that the old pyramid 
of Italian share ownership - with 
Mediobanca as its cornerstone - 
has begun slowly -to flatten, while 
the state holding company, IRI, is 
finding excellent conditions for the 
divestitures which win cut its de- 
pendence on state endowment (and 
the politicians). The hanks are sell- 
ing out their old underwriting 
sticks with a vengeance, but this 
year's only new issue of signifi- 
cance was Sirti, from which the 
public was excluded in the grand 
old way. The 20 or 30 new compa- 
nies being prepared for the market 
next year will scarcely redress the 
imbalance between new money and 
new equity. 

Italian industry remains over- 
whelmingly dependent on debt fi- 
nance. Many medium- 

sized companies would rather bor- 
row an overdrafts secured against 
assets than open their books to sub- 
sidised medium term credit institu- 
tions - let alone to outside 
shareholders and the tax man. 

The improvement in productivity 
achieved in the corporate restruc- 
turing of the early 198fls - often at 


the expense of & slate ready to 
after the loid-ofl workers - has 
worked through to profit just at the 
time when high real interrot rates 
have made borrowings most unat- 
tractive. But rather than have re- 
course to low-yielding equity, medi- 
um-sized companies are living off 
their cash flow and forcing the 
banks to drop their loan rates. If 
this conservatism is inhibiting capi- 
tal formation, the prospects for 
earnings growth are scarcely en- 
couraging beyond next year, where 
an average earnings increase of 39 
per cent is expected and theoretical- 
ly discounted. 

The response of the authorities 
has been to try to balance a unit 
trust law with a so-called merchant 
banking law. which permits com- 
mercial banks to take equity stakes 
in companies. The Government 
hopes to see the banks nurturing 
companies towards the stock mar- 
ket; but it is just as likely that the 
banks will (to tittle more than con- 
solidate them questionable loans in- 
to equity and live off the proceeds 
of compulsory merchant 
fees. Mediobanca’s near-monopoly 
has been chipped away already: for 
example, it is not handling the flota- 
tion of Benetton. But it will not be 
easy for the banks to liquidate their 
investments in the stock market tor 
the foreseeable future, even if they 
should wish to. 


Exchange control 


Foreign investors face an. un- 
usual number of imponderables. 
'While exchange control looks ,4 
fixed part of the landscape,* higher 
allowance to the unit trusts - to in- 
vest, say, 15 per cent of their assets 
abroad -would relieve some of the 
demand pressure on the index. 
Equally, fir all the pious hopes that 
interest rates (and the debt service 
component of the budget deficit) 
will foflow inflation down, the new 
coalition will probably food it no 
easier to put public finances in or- 
der than the old one. 

Trading in equities is cumber- 
some and, with over half the busi- 
ness done off the Boar, the opposite 
of transparent The clearing system 
is breaking down under the weight 
of record turnover for domestic 
transactions, let atone those involv- 
ing foreign investors. The Con$ob is 
finding its feet and insisting that eft 
listed companies produce an audjJt 
ed, consolidated balance sheet fat 
the 1985 year’s trading. But wha^F 
one to make of so large a group as 
Pirelli and its “aggregate" figures 
based on a form of current-cost*? 
counting peculiar to the groups - 


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financial Times Monday November 4 1985 


SECTION 


FINANCIAL TIMES SURVEY 


The political and economic 
stability Turkey has enjoyed 
over the last two years is 
enabling the economy to adapt 
to the needs of the 1980s. 
Politics are livening up 
... ...but Mr Ozal is firmly at 
the helm 


TURKEY 


Good progress on 
a middle course 


By DAVID B ARC HARD, Ankara Correspondent 


THiis YEAK has been one of 
gradual consolidation in Tur- 
key: The new export-oriented 
economic and trading conditions 
which: the Prime Minister, Mr 
Tnrgut Ozal, has introduced are 
now settling down and politics 
are begiiming -to look less arti- 
ficial after a series of realign- 
ments in the major parties. 

As usual, Turkey has steered 
a middle course between ex- 
tremes. The civilisation institu- 
tions . set .up- in 1882 by the 
military, before handing over 
power after general - elections 
have., endured and Mr Ozal’s 
efforts .to open up the economy 
continue. Those who predicted 
a rapid breakdown of either 
institutions ! or " economy have 
beeir proved wrong. 

But there is a feeling that the 
country is still ; in transition, 
economically and politically, 
afttSrthe crisis of .the late 1970s 
and the .1880 military takeover. 

On the economic front, Mr 
Otalv has' cause to be broadly 
satisfied with 1985 even if his 
basic target— o£ bringing infla- 
tion down to 25 .per cent — has 
not; been met and growth has 
slackened from 5.9-per cent last 
year $o -about S.8, per cent Ex- 
ports have continued to grow 
by about ,12; per cent and may 
touch .the Jf8bn. mark.by the end 
oftitf^year, .4^te the removal 
In 


export invoices which subsidies 
7 tended to attract. 

- Although the country is still 
running 1 a trade deficit of 
around 92.5bn or more, the cur- 
rent account deficit is expected 
to shrink from $1.4bn last year 
to $800m. Turkey also -seems 
to be traversing the “hump** of 
its debt repayments schedule 
in reasonably good shape. Some 
foreign currencies have never 
before been so plentifully avail- 
able. 

‘ The delays in payment for 
importers and foreign investors 
which were routine five years 
ago are now forgotten. Turks 
can buy foreign currency over 
the counter in any bank and — 
when the payments situation 
improves sufficiently to halt the 
steady depreciation of the TL 
— there is even talk of taking 
the final steps towards convert- 
ibility. 

The basic questions which 
tend to be asked about Turkey 
are therefore usually medium or 
long-term ones. Are Mr Ozal’s 
policies really working their 
way through the business and 
administrative system and 
achieving a lasting transforma- 
tion? Could they be reversed 
by some future government of a 
different political complexion? 

That .business life is being 
irreversibly transformed by the 
new eliiqafe seems' clear. The 
Istanbul' business world, which 



BANKING ‘ INVESTMENT 1 TRADE 



The banks, investment; projects and exports are being 
transformed by the new business climate established 
by the Ozal Government 



CONTENTS 


The Economy 


The Budget 
Balance of payments 


Banking and 
Finance 


Overview 
Islamic banks 
Financial markets 
Foreign banks 
Merchant banks 
Profiles: 

Husnu Ozyegin, of Yapi- 
Kredi Bank 
Zlraat Bankas! 

Stale Investment Bank 
Rustn Saracoglu of the 
Central Bank 
Leasing 
Insurance 

Ozal financial measures 
Foreign investment 
Privatisation 


Industry 


Construction 

Agriculture 

Holding Groups 

Textiles 

Energy 

Minerals 

Transport 

Labour 


8 

8 

9 

9 

10 

10 

11 

11 


Prime Minister Ozal spells 
ont his policies 12 


along with the rest of Turkish 
manufacturing industry has en- 
en joyed less buoyant conditions 
in 1985 than it did in 1984, when 
the sector grew by 10 per cent, 
does not find life easy. 


with the times is recognised — 
and would probably continue to 
be no matter who was at the 
helm. 


But it is changing. Account- 
ancy has become a serious 
discipline. Management is being 
improved. New export markets 
are being sought Nasas, Tur- 
key’s main - private-sector 
aluminium producers for ex- 
ample, used to export $3m of its 
products. This year it hopes to 
export $30m, not bad for an in- 
dustry which was originally 
established with the domestic 
market in mind. 


Bnt the political landscape, 
frozen for the past half-decade, 
is beginning to thaw. Some pro- 
hibitions — particularly those 
preventing the two pre-coup 
prime ministers, Mr Suleyman 
Demirel and Mr Bulent Ecevit, 


from nuking their views known 
to the public — are being 


Similar changes are taking 
place in Ankara in the tipper 
echelons of the bureaucracy and 
in the management of the major 
state agencies and industrial 
enterprises. Mr Ozal may have 
his critics among low .wage- 
earners and in the press, but 
among the more far-sighted 
administrators the need to move 


relaxed. The artificial political 
parties set up in 1988, which 
enjoyed a monopoly of the right 
to enter the general elections 
that year, are disintegrating and 
new groupings are emerging. 


In command 


The Prime Minister has 
remained firmly in command of 
his own Motherland Party and 
the national political scene. It 
is one of the major surprises 
of the past 10 years that rela- 
tively unknown man udfh a 


business and civil service back- 
ground could be capable of 
making a brand-new party from 
hi ghly unpromising ingredients 
and then holding it together. 

Few Turkish parly leaders 
have achieved as much. For 
the moment the Motherland 
Party looks rock solid. Mr Ozal's 
aides ere self-confident, boosting 
in private that the party will 
hold power until the year 2900. 

If it cannot, Turkey may be in 
for another period of confusing 
coafitions. The social demo- 
cratic left is gradually 
consolidating itself. The 
Populist Party (which is repre- 
sented in parliament) and the 
much larger Social Democracy 
Party (which is not) one month 
ago signed a protocol for uniting 
under a single banner. 

The PP’s leader. Mr Aydin 
Gurkan, appeared to have just 
the kind of flair that Turks had 
been looking for in a centre- 
left leader, having himself 
captured control of the PP in 


the spring. 

But the PP"s only asset — its 
parliamentary membership — 
is split three ways. There are 
those who are for the merger 
with the Social Democrats, 
those who are for the leadership 
which Mr Gurkan displaced, and 
those who look to neither but 
to Mr Bulent Ecevit, the pre- 
coup left wing leader who is 
banned from politics until 1992. 


Mr Ecevit plans to get round 
the ban by organising a new 
Democratic Left Party under 
the leadership of his wife. He 
has only a fraction of his 
former following among Turks 
— though he appears still to 
have the ears of European 
Social Democrats — but his 
intervention may well finish off 
any changes the Turkish Social 
Democrats left has of gaining 
power in 1988. There is talk, 
too. of a possible merger on the 
right between the - small 
Nationalist . Democracy Party 
(which has seats in parliament) 


and the True Pa th Pa rty (which 
has not). The TPP is led by 
Mr Husamettin Cindortik, but is 
the party favoured by Mr Suley- 
man Demirel, the premier 
unseated in the 1980 Revolu- 
tion yet still a dominating 
national political figure. 

Mr Demirel's followers are 
the only people in Turkey rais- 
ing their voices in public 
against the system created by 
the military in the way that 
might be expected from the 
Social Democrats or the intelli- 
gentsia. They appeal particu- 
larly to rural voters, claiming 
that agricultural incomes have 
fallen drastically under Mr 
Ozal. 


Neither of these opposition 
groupings pays even lip service 
to the economic changes of the 
past few years. Their consti- 
tuents are voters who believe 
that their purchasing power 
and lifestyles have suffered 
badly. 

So far this has not deterred 


the Prime Minister, who 
preaches regularly to the nation 
on the philosophy underlying 
his policies. He tempers this 
with judicious moves such as 
the October wage settlement for 
civil servants which is more 
generous than expected. As 
elections approach he will no 
doubt make similar gestures to 
other groups, including organ- 
ised labour. 

But his aim appears to be to 
get wage-earners to understand 
what he is attempting and why. 
His message is: “Once upon 
a time the citizen was rich and 
the state had no money, now 
the state will be rich and the 
citizen will have a little less.” 
The implication is that the price 
to be paid for long-term national 
progress may sound both 
simplistic and politically 
unappetising. 

But quite a lot of Turks in 
the street appear to be accept- 
ing it and the country’s progress 
may well depend on whether or 
not they prove to be a. majority. 



Trade Financing: It takes a let more than just finance 


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FRlENifi 

























Financial Times Monday November 4 1935 



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TURKEY Banking: Investment: Trade 2 


Battle to lower the deficit 


The Budget 

DAVID BARCHARD 



EVER SINCE ic became dear 
in the spring of last year that 
one major priority of the Ozai 
government was not being met, 
the search has been on for 
likely culprits for Turkey’s con- 
tinuing high inflation. 

One of these, the budget 
deficit has pushed the other 
main contenders into the back- 
ground. This year the Govern- 
ment’s success will be judged 
not by the rate of inflation — 
which everyone knows win be 
at least 20 percentage points 
above the target of 25 per cent 
— but by whether or not the 
budget deficit has been brought 
under control. 

Last year the budget ran a 
deficit of roughly £L4bn. and 
the equivalent of 4 JS per cent 
of GDP. The Treasury’s cash 
deficit was much worse. Though 
these figures are not startling 
by the standards of many inter- 
mediate developing countries, 
they have caused Turkey severe 
problems. 

This year the Treasury has 
been struggling manfully to 
bring down the deficit and 
hopes to pull inflation down for 
good at the same time, thus 
restoring the country's recently- 
won reputation for monetary 
and economic discipline. 

By the first half of this year, 
the Treasury had a cash deficit 
of TL 500bn (considerably be- 
low last year’s deficit in dollar 
terms because of the depreda- 
tion of the TL) and a budget 
deficit of TL 220bn. But the 
Government believes that the 
year-end figures will be much 
more encouraging with a total 
cash deficit of around TL 500bn 
(SS06m) and that the budget 
deficit, using the IMF’s defini- 
tion rather than traditional 
Turkish Treasury ones, will 
have been cut to half last year’s 
level and about 2 per cent of 
GDP. 

The Treasury believes that 
the second half of the year will 
show a much stronger perform- 
ance than the first half. For a 
start it paid out about TL 
TOObn or two-thirds of its ex- 
ternal debt repayments during 


that period while it had re- 
ceived less than half its 
expected revenue for the year. 

It expects tax revenues to be 
well above the TL 3,584bn 
original estimate. A value added 
tax introduced on January 1 has 
performed quite well despite 
uncertainties during the first 
few months. It is expected to be 
above the TL 8S0bn which 
would have been collected by 
the taxes it is replacing. 

The tax also has the advan- 
tage to the Government of 
providing it with a steady 
stream of income rather than 
periodic lump sums. Next year, 
officials believe, the additional 
benefit to the Treasury of the 
VAT will become even more 
visible as its administration 
settles down. 

Concentration on the revenue 
side is inevitable because there 
is little scope for economies on 
the expenditure side. The 
budget is derided by the oppo- 
sition parties as a ** transfer 
budget M with most of its funds 
devoted to paying foreign debt 
and somewhat meagre salaries 
of the home civil service. 

One heavy burden in the p re- 
1980 period, transfers to the 
SF Fs. was cut by 30 per cent 
to TL 175bn last year and is 
being steadily reduced. The gov- 
ernment is planning no major 
new public investments for 
next year and has deferred 
some existing ones such as a 
double-track railway between 
Ariflye and Sincan which was 
originally intended to cut 


travelling time between Ankara 
and Istanbul in the early 2990s 
to four hours instead of the 
present eight. 

“ It should have been deferred 
long ago," says Dr Yusuf Bob-. 
kurt Ozal. “ At the present rate 
of spending it Would take fore- 
ever to finish it. 

•• We have to find proper fin- 
ancing lor such things- . 9 ur 
philosophy is to let continuing 
projects go ahead but not intro- 
duce new ones and to do things 
more rationally. A better use of 
resources will mean a higher 
return on investment. 

Investment load 

Other officials are adamant 
that some big infrastructural 
projects must go ahead. “You 
have to look at the investment 
load in energy and infrastruc- 
ture,*’ says one. •‘Turkey can- 
not afford a balanced budget. 
But we are emphasising those 
investments which can raise 
funds during the term of this 
government by 1988, or mod- 
ernisation work" 

In paying off its debts the 
country is in any event financing 
—at a remove — major infra- 
structural projects approved in 
the 1970s. “The problem with 
the budget” says a Treasury 
official. “ is that the percentage 
represented by external debt re- 
payment is getting steadily 
higher. Last year the amount 
was Sl-2bn. This year it will be 
Sl.ffim with a peak in 198” of 
Sl-9bn. This puts quite a lot 
of pressure on the budget.” 



■r.'k&X 

B&eksA 
m 



WWW * 


85 


To finance these foreign pay- 
neats the Government is bi 
effect converting external debt 
Into local dcht. Local. borrowing 
this year is due to reach TL 
500bn compared to TL 190bu in 
1984. “Local borrowing is ex. 
plodin&T comments the official. 

The Treasury has been forced 
a& a result to experiment with 
new financial instruments. 
During 2984 it Issued several 
sets of bonds with six months* 
maturity, partly to help reduce 
excess monetary liquidity In the 
first half of the year. This year 
it has moved to a system in 
which bonds are auctioned to 
the major banks. This has had 
■only a slight effect on interest 
rates, about 1 per cent. 

The Treasury would like to' 
shift to longer-term instruments 
with maturities of a year or 
more but “ the market will have 
to get used to such instru- 
ments." says the Treasury. One- 
year money remains risky in 
Turkey with its high inflation 
rate for both depositor and bor- 
rowers. 

Meanwhile, outsiders remain 
sceptical about whether the 
budget will in fact come dawn 
to the expected levels, at least 
without introducing new taxes. 
The share of direct taxes in 
GDP is currently around 12 or 
13 per cent, well below what it 
was five years ago. Again offi- 
cials explain this in turns, of 
the introduction of municipal 
taxes and special funds outside 
the budget, reduced rates o! in- 
come tax. and a revaluation of 
assets for corporation tax. 

One important source of 
funds would be the unpaid in- 
stalments of corporation tax 
owed by many firms, estimated 
by one Turkish newspaper to 
be over TL 600bn. The problem 
is that many such firms are 
limping along precisely because 
the banks and the Treasury 
have not foreclosed on their 
debts. 

“Getting the money from 
bankrupt firms simply Isn’t pos- 
sible." says an official. But dur- 
ing the autumn there have been 
signs that the Government Is 
getting tougher on firms which 
don't pay their taxes. 

“The International, agencies 
and the public may not beHeve 
us.” sal’s another SPO official, 

11 but we really are making pro- 
gress. The year-end deficit will 
be well down." 


Good news on the debt front 


BaTance of 
payments 

DAVID w45CELLE5 


WHEN Mr James Baker, the 
UB. Treasury Secretary, put 
forward his plan to ease the 
Third World debt problem at 
the recent IMF meeting in 
Seoul, he listed Turkey among 
the countries which deserved 
backing for trying to get their 
financial houses in order. 

Certainly the country has 
made progress. The days when 
it topped the list of problem 
countries seem long gone. Its 
healthier trade and payments 
situation has enabled it to 
return to the commercial loan 
market and has emboldened Mr 
Turgut Ozal. the Prime Mini, 
ster, to say that he no longer 
needs an IMF standby agree- 
ment 

The foreign exchange 
reserves, including gold valued 
amount to 83.6bn, enough to 
cover more than three months’ 
imparts. 

. “Turkey is wonderful 
because everyone needs a suc- 
cess story," a US banker said 
recently In Istanbul, comment- 
ing on the gloom that recently 
seems to have settled over the 
International debt question. 

But while the country is 
earning plaudits, it still has 
over 820bn of foreign debts. 
Not until 1988 will Its repay- 
ments " hump ” start to level 
out and any weakening of its 
resolve before them could set 
the alarm bells ringing again. 

For the time being, though, 
the good news continues. This 
year’s performance in foreign 
trade and on the current 
account will almost certainly 
prove to be better than even 
the somewhat optimistic fore- 
casts put out by the Ankara 
Government at the beginning of 
the year. 

In the first eight months the 
combination of improved 
exports and disincentives to 
imports produced a deficit on 
visible trade of $L4bix. which 
suggests that the full-year 
deficit will be below the $3bn 
forecast and less than last year’s 
82.9bn. 

Although remittances from 
Turks working abroad are fall- 
ing off, the strength of 
invisibles like tourism (which 
has begun to boom) have 
boosted the current account. 
This is now expected to end up 
about 8?00m in the red, about 
half last year’s leveL 

For the first eight months of 
the year the current account 
deficit was only 8300m, but that 
includes the best tourism 
months. 

While the Government can 
rightly feel pleased with this 
achievement, there are points 
of concern at the central bank. 
One is that monetary growth 
has surged in the past few 
months and could mar the 
picture by boosting demand for 


i imports or fuelling inflation. 

■The monetary authorities blame 
- this on foe crudeness of their 
monetary controls, which are to 
be improved. 

Another point of cbrftern was 
the sudden surge in short-term 
external borrowing by Turkish 
companies, which realised it 
was cheaper to take dollars and 
convert them into lira — even 
with foe foreign exchange loss 
— than to borrow lira outright 
Over $lbn was added to the 
short-term account this way. 

On September 12 foe Govern- 
ment slapped a 3 per cent tax 
on this borrowing, though 
companies that can prove their 
dollars were used to finance 
exports can reclaim it Because 
the tax is levied regardless of a 
loan's maturity, it should also 
encourage longer-term borrow- 
ing. 

If 1985 marks another step 
forward in Turkey’s return to 
health, the Government is now 
forming its projections for 1988 
and preparing the way for 
whatever new borrowings may 
be necessary. In October Mr 
Ozal and senior central bank 
officials met top UJS. bankers in 
New York to explain theiT 
plans and claim to have had a 
sympathetic hearing. 

Broadly, their message was 
that Turkey is looking for 
further improvements in its 
external accounts, provided 
there is no sharp downturn in 
the world economy or increase 
In protectionist sentiment. 

Project loans 

The country’s total borrow- 
ing requirement for next year 
is expected to be about $2.8bn. 
of which Turkey hopes to raise 
about 81 . 2 bn in the form of 
project loans or from lines 
already committed. Direct 
foreign investmnet could pro- 
vide a further 8200m, and net 
capital inflows another 8800m. 
Official institutions, mainly the 
World Bank, will provide 
8400m, leaving about $400m to 
be raised from commercial 
banks. 

This suggests that Turkey 
will be reducing its dependence 
on bank borrowing. It took 
8800m from the Euromarkets 
this year, including a 8500m 
facility last spring which caused 
controversy because some banks 
thought it was unsuitable. Not 
surprisingly, central bank 
officials are keen to dispel any 
idea that Turkey's borrowing is 
excessive. Its bank debt, they 
point out. is only 25 per cent 
of total debts. Both this year 
and next. Turkey is due to 
repay 8700m in bank debt. 

“ The share of project financ- 
ing is increasing. We are try- 
ing to keep balance of payments 
financing as low as possible," 
says a senior official. 

Ankara will soon make its 
new fiscal and monetary pro- 
jections. Although it no longer 
depends on the IMF for help, 
it will be consulting the Fund 
in order to obtain the implicit 
approval which makes foreign 
bankers feel comfortable. 


The tighter hank auditing external financing shrinks, a 
am* reporting m ha greater pmptwHnn nt the deficit 

introduced next- -year - should— mu st be funded- on the local 
also improve statistical informa- market 


tion for foe central bank and 
enable it to keep a closer check 
on the banks’ foreign currency 
commitments. 

Foreign bankers speak in 
broadly approving terms of 
Turkey's efforts, citing the 
steady devaluation of the lira, 
the maintenance of real rates 
of interest and the preservation 
of a positive investment dimate 
as the biggest contributors to 
its external accounts. 

Internally, the Government’s 
attack on the budget deficit is 
also showing signs of success 
and as a proportion of GNP 
it is expected to fall from 5 
per cent last year to below 
3 per cent this year. But as 


Bankets are also keeping a 
sharp eye open for the political 
strains that Mr Ozal’s policies 
are certain to create, for they 
could upset his re-election 
chances. “ It's a hit of a 
gamble," said one banker. 

Some observers also fed that 
Turkey should do more ro 
stimulate foreign investment, 
which must eventually replace 
borrowing as foe main source 
of foreign capital. Although 
there has been a small upturn 
the contribution is negligible, 
probably because Turkey still 
has some way to go before it 
can achieve the stable, dynamic 
image favoured by foreign, 
investors. 



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LEUM 

BRATIOH 


C’ ■•=■•■ 


.¥r •* 

■»* 


‘ Financial Times Monday November 4 1985 


HI 


TURKEY Banking: Investment: Trade 3 


time 


flanking ’ 
•^'^bverview ‘ 

\ T ? Avm i AQrci>cg 

;l -> C.: j:-.t V . ; ' ■ 

. r »TKE BANKS have borne the 
'■ brunt: “of the shocks admini- 
stered to the country by the 
economic policies of the <~W 
Government. Over the past 
Sew years, - they have bad to 
■grapple- with soaring interest 

- rates, corporate failures on a 

- massive scale, and a rising tide 
of bad- loans. 

AS If this was not enough, 

- -the -Government also removed 
--some of -the barriers protecting. 

the banking system, and wel- 
^'anoed - in - 'aggressive foreign 

rn fVtrr Banking’s old guard, it 
-jfe&Pbeefr a traumatic time, and 
--sin&fe banks probably survived 
* <mlyv 4?y- avoiding a proper 
' aCtxranting of their bad loans. 
' This was possible since Turkish 
’ banks will not have to comply 
with standard accounting prac- 
tices until next year. But 
many people in Istanbul and 
Ankara believe a big shock has 
■ done nothing, but good to a 
banking industry that was only 
haphazardly regulated and had 
become dangerously compla- 
cent 

: Not . that there is a lade of 
i'-rlvflry tfmong Turkey’s banks 
uixjfeelihgs rim so high that 


some even think twice about 
dealing with a domestic bank in 
the interbank market 

Until recently this had not 
translated itself into competi- 
tion in the accepted sense. Even 
now, it is no coincidence that 
hank profits are soaring at a 
time when loan rates are 70 
per cent or more, though this 
is partly because the Govern- 
ment still fixes deposit rates at 
high levels to prevent a cut- 
throat funding war. 

Although Turkey has some 
35 banks (not counting the fast- 
growing foreign contingent), 
the industry’s character is 
heavily influenced by the fact 
that 14 of them are govern- 
ment-owned, including the 
largest, . Ziraat ' Bankas!, the 
.agricultural bank Of the' so- 
called commercial banks, the 
. largest. Is. Bankasi, is also part 
state-owned, and has extensive 
' holdings in the commercial sec- 
tor, including the entire Tur- 
Ush glass industry. 

Most of the remainder belong 
to the big family dominated 
commercial groups, like Koc 
and Saband that tower over the 
Turkish business scene. 

This means that there are 
scarcely any truly independent 
banks, though the privately 
owned banks claim — indeed are 
obliged by bank regulation — to 
.operate autonomously. They 
all, however, have close bank- 
ing relationships with com- 
panies within their groups, and 


all commercial hanks get 
leaned on by the Government 
to lend to projects or industries 
that serve political ends. 

A major aim of government 
policy is to instil greater dis- 
cipline into the hanking indus- 
try to make it stronger and 
improve services. It issued a 
Banking Decree in 1983 which 
now forms the basis for tougher 
regulation, though its full im- 
pact wOl not be felt until next 
year. 

At the height of the economic 
crisis, banks were admitting to 
bad loans equivalent to ten per 
cent of total loans— the true 
figure was probably much 
higher. But the underlying 
position is now Improving. 

New regulations 

“Our impression is that the 
volume of non-performing loans 
is f ailin g" said an official at the 
central bank, which will shortly 
be issuing new regulations on 
how provision for bad loans 
should be made. “We observe 
that banks are becoming more 
prudent They have new analy- 
tical units and they follow their 
clients more Closely.” 

Turkish banks are under- 
standably sensitive to questions 
about their loan portfolio. Even 
Akbank, the largest private sec- 
tor bank and consistent best per- 
former among the big banks, is 
keen to stress its capital 
strength. Mr Erol Saband, the 


managing director and one of 
the five Sabanci brothers who 
run the Saband group, claims 
his 2^3 per cent bad loan ex- 
perience is the lowest of any 
hank. 

He also points to the “hidden 
value” in the bank's properties 
which are carried well below 
true worth on the balance 
sheet. 

He is specially proud of a 
rather unusual letter he re- 
ceived from government hank 
inspectors last July “congratu- 
lating” Akbank on its perform 
mance. 

Yapi-Kredi Bank, the banking 
flagship of the Cukurova group, 
which got into much deeper 
trouble, hopes to have bad loans 
down to 3 to 4 per cent by the 

year end, according to Mr 
Husnu Ozyegin, the managing 
director. All this means that 
when banks do have to make a 
full public accounting of them- 
selves for the first time next 
year, there should be few nasty 
surprises. 

The question now facing 
bankers, is how to generate new 
quality business, and raise ser- 
vice standards. 

.One reason for the backward- 
ness of Turkish banking was the 
traditional rivalry which pre- 
vented banks from working 
together to create the infra- 
structure of a modem banking 
system. It delayed the start of 
an interbank market, though 
that is now in embryo thanks 


largely to the foreign hanks' 
need for a funding source. 

They also lacked clearing 
facilities; the central bank has 
organised an Ankara-based 
clearing system for cheques, hut 
wire transfers are still not pos- 
sible except within a hank that 
has hooked up its branches. 
There was also surprisingly 
little cooperation between 
hanks when it came to sorting 
out the loan problems of mutual 
corporate clients. 

Like their West European and 
UJS. counterparts, the large 
banks t»lk of the need to 
sharpen their retail services, 
and target their corporate cus- 
tomers more closely. "We used 
to wait for them to walk in 
through the door. Now we try 
and anticipate their seeds,” 
said Hr Ozyegin at YapL. Banks 
are also trying to improve 
their international capabilities, 
mainly by forming alliances 
with foreign banks. 

Another trend is the emer- 
gence of small, specialised 
banks to meet the growing 
demand for sophisticated ser- 
vices and new products. 

But the fact rem a i n s that 
good lending business is very 
hard to come by in Turkey 
right now, and many people 
remain sceptical of any broad 
improvement in banking ser- 
vices. Bankers besiege the 
select band of creditworthy 
Turkish companies and multi- 


Largest 
Turkish Banks 

ASSETS IN TLbn AT END 1934 
Ziraat ButkaSl 2 i 39 * 


Is Bankasi 

Akbank 

1,710 

811 

Yapl Kradi Bankasi 

622 

jffnlb Bankasi 

482 

Vakiflar Bankasi 

357 

pamnkbank 

237 

Turk Ticsret Bankasi 

210 

Garanti Bankasi 

190 

Osmanl! Bankasi 

X58 


More like a 
mutual fund 


Sourca: Nokia 


nationals, hut are reluctant to 
lend to those lower down the 
scale. While this may he pru- 
dent, it has earned tnem a lot 
of criticism. 

The high interest rates 
charged by banks have also 
been blamed for business 
problems. Mr Sabanci at 
Akbank Is sympathetic. “ I 
hope interest rates can come 
down. I believe it is necessary 
for the Turkish economy," be 
said, though he doubts that 
lending costs can fall until 
there is a parallel drop in 
inflation, a view that is widely 
shared. 

Funding costs are also 
bumped up by reserve require- 
ments and taxes, neither of 
which can quickly be removed 
without jeopardising monetary 
targets and government 
revenues. 




Government seeks to stimulate activity 


FINANCIAL MARKETS in 
Turkey are a bit like the glass 
r that is full or half empty. 

- Their relative backwardness 

- may be a symptom o£ Turkey’s 
'-lack of financial sophistication, 

but tire fact that they exist at 
all is held to be an encouraging 
-sign. 

; ‘ What is certain is that, dis- 
torted by years of controls 
" (which have still not been en- 
Vtirely ‘lifted) and ravaged by 

- inflation; they have acquired a 
character of their own. which 

* : '£oret£ners must learn to under- 

Tim development of active 
and healthy finanrtai markets is 
' a major goal of the Oral 
Government which wants to 
mobilise new sources of capital 
for itself and Turkey's hard- 
pressed business sector. The 
challenge, though, is how to 
make investment attractive at 
a time, when- inflation is still 
running at 40 per cent (but 
hopefully slackening off) and 
-- without upsetting key monetary 
:-j»c 


targets. 

The policy focuses on three 
areas: the equity market, the 
capital market and the money 
market. 

Of the three, the equity 
market is- the easiest to 
describe. The Istanbul stock 
exchange is dormant, arid 
. though 'a new building is 

■ planned to house it, trading 
-itself is not expected to re- 

■ awaken until interest rates 
come down to levels at wh ich 
- equity yields -become competi- 
tive again. 

This is a matter- of some 
concern «dnce many Turkish 
companies are desperate for 
new capital, and are not suffi- 
ciently creditworthy to tap the 
bond market or obtain medium- 
term bank though there 

was a temporary boom in share 
issues last year as companies 
were allowed to m ak e one-off re- 
valuation- of their fixed assets. 

It also presents a major 
obstacle to the Government’s 
hopes of selling off public sec- 


Money Markets 

DAVID LASCFU.ES 


tor co mpani es, like Turkish Air- 
lines (THY). 

So far, the Government has 
only sold “ participation bonds ” 
in prestige national projects 
litra the Bosporus Bridge. 
Although these gave investors a 
sense of doing their patriotic 
duty, the yields have fallen 
below bank deposit rates, -and 
made them a poor investment 

The bond market is active 
and provides a sources of 
capital for both private sector 
borrowers and the government 
and is watched over by the 
Capital Markets Board which 
vets the quality of corporate 
Issuers. But new issue volume 
has fallen as inflation has risen. 


markets — which was passed In 
the wake of the crisis caused 
by the collapse of two large 
money brokers in 1981 — also 
sets a TniwimnTn of two years 
maturity for bond issues which 
many consider to be too long 
in inflationary times. 

As a result, virtually all bond 
issues are for two years, and 
those made recently carry huge 
coupons of 50 per cent or more. 

The Government is the lar- 
gest single borrower and enjoys 
a strong advantage insofar as 
its interest payments are tax 
free which has led to accusa- 
tions of “ crowding out.” 

The government securities 
market has recently acquired a 
new importance. The secondary 
market that has evolved round 
it has given the more aggres- 
sive banks an opportunity to 
trade . securities and explore in- 
novation techniques. 

Tp a controversial move, some 
IimVc ham* hAmn to nse the 


logous to the repurchase market 
in the U.S.: they sell securities 
to cash-rich companies with an 
understanding to buy them 
hack at a later date. 

There have been complaints 
that this practice is a way round 
both the fixed deposit rates 6et 
by the Government, and the 
reserves that banks are required 
to place with the central bank 
(currently 19 per cent of de- 
posits). So far the central bank 
has not outlawed the practice, 
though one banker describes it 
as “ a hot potato.” 

Certainly it would not have 
arisen hut for the deficiencies 
of the interbank market and 
the battery of regulations and 
taxes that have driven up the 
cost of more conventional fund- 
ing sources. 

One banker who believes the 
Government should do more to 
lift regulation of the capital 
markets is Mr Erol Aksoy, 


Public bond issues 


TLbn 

1980 

18.0 

1981 

18.0 

1982 

132 

1983 

ITS 

1934 

10B 

Source: Capital Markata Board. 


one of the more aggressively 
man aged merchant banks. He 
describes Turkey's money mor- 
kets as a football stadium 
packed with spectators, with 
teams and referee ready on the 
pitch. Only one thing is miss- 
ing, he says: the ball — the right 
trading instrument. 

Bather than open up the 
market for shorter dated securi- 
ties by lifting the two year 
rale, the central bank is con- 
sidering launching a U.S- ;tyle 
commercial paper . market 
through which companies could 
lend spare cash to each other 
directly, initially to fund ex- 
ports. If it worked, it could 
become a highly efficient chan- 


THE country's first Islamic 
banks, officially designated 
“special finance houses," opened 
their doors last March. Their 
existence was made possible by 
a decree isued a few days after 
Mr Oral's government took 
office, though some of the legis- 
lative preparation was done 
nearly a decade earlier. 

So far Turkey has two Islamic 
hanks— the A1 Baraka Turkish 
finance house and the Faysal 
finance house, both set up 

largely with Saudi Arabian 
funds. The principal figure at 
Faysal in Mr Salih Ozcan, once 
a politician in the pre-coup 
National Salvation Party. 

A1 Barpfc* has warm relations 
but no organic links — with 
another former NSP politician, 
Mr Korkut Oral, the brother of I 
the present Prime Minister and 
himself twice a cabinet minister 
in the 1970s. 

Islamic banks work in Turkey, 
as they do elsewhere, in a 
manner which is not unlike the 
working of a mutual fund in 
the West, the main principle 
being to avoid payment of 
interest — a charge for money 
which increases in time. 

The funds collect money from 
savers who can chose between 
putting their cash into special 
current accounts or into a 
“participation account," which 
makes a profit or loss depending 
on how well it is managed. A1 
Baraka Turk collects funds for 
varying periods of three 
months, six months, one year, 
or longer. . , 

With the resultant pool of 
funds it has four possible ways 
to make money, each of which 
has an Arabic technical name. 
In practise, however, current 
economic conditions in Turkey 
main* in practicable to use only 
two of these: the “ murabaha ” 
or “ production support," which 
means buying a commodity on a 
cash basis and selling it on a 
term basis; and the “musha- 
raka,” a joint venture hi some 
tmainpMs activity, usually an 
export transaction. 

The finance house buys com- 
modities from a potential 
exporter who needs cash. Then, 
when the deal is completed, it 
pays him back a prearranged 
share and a share of the profit 
as well as allowing him a fee 
for his services as manager of 
the venture. To calculate the 
profit made by investors in the 
fund two accounting units, 
known as the unit value and the 
account value, are employed. 

“ I didn't know anything 

__ JL TnTnnkf^ kiaMlnMff T 


was asked to join AI Baraka” 
says one of its deputy general 
managers. “But they told me 
that if I knew something about 
classic banking operations I 
would pick it up in quite a short 
time, and so it proved.” 

Al Baraka prides itself on 
being open. Its deposit and 
lending accounts can be 
inspected by anyone interested, 
though deposits are identified 

by numbers and not by names. 

"So we told the reporters 
who doubted us ro come and 
check the calculations them- 
selves." 

The Islamic banks are still 
feeling their way around on the 
Turkish banking scene. So far 
they have relied on other banks 


Islamic banks 

DAVID LASCEUJES 


(the Turkiye Is Bankasi for the 
Faysal Finance House and the 
Vakiflar Bankasi for Al Baraka) 
to carry out their branch opera- 
tions, though Al Baraka is 
now thinking of opening its 
own branches. Both have made 
some use of television advertis- 
ing to introduce themselves to 
the Turkish public. 

The finance houses arc not 
subject to the lending limits 
imposed on Turkish banks since 
1983, but their main difference 
seems to be that they can get 
involved in commodity transac- 
tions. Knee March, Al Baraka 
has collected a total of TL 9br 
( including foreign currency 
deposits) or $18m — a figure 
well above the expectations of 
the rest of the banking world. 

•’ At first we thought it would 
be religiously-motivated savers 
who would place their deposits 
with us, hut we find increasingly 
that we are getting savings from 
economically-motivated savers.” 
says the Al Baraka official. “ In 
fact some of the big corpora- 
tions place any excess funds 
they may have with us.” 

Al Baraka keeps a TL port- 
folio of about TL 5bn while a 
further TL 4.4bn is handled in 
foreign currency. Total deposits 
at the Faysal finance house are 
put at TL 6bn. 

“We are not a family busi- 
ness,” Al Barak officials claim. 
“We are 100 per cent pro- 
fessional and have a combina- 
tion of experience which is 
nmiKiifll in TurkfiY." 



4 . 

it* . s r* 

,,*v" 


The Bank is 1§ Bank . . 

£the strongest bank ^, d 


\ Mdindusbi^inyestm^ 

\ j ■ * They: will point to U Banks paid-up 


capital and reserves (the highest) and 1§ Bank s 
experience and volume of foreign business 
—the widest and hugest as foreign currency 

inflow figures make dear. 

i§ Bank has been in business since 1924 . 
when the young Republic was largely without 
banks and with no industrial base. The Bank 



your knowledgeable international banker will 
tell you. Every published figure confirms it 


Turkey. This meant loans, equity participations, 
with 1§ Bank helping set up whole industries 
over the years and today owning equity in 

well over a hundred blue-chip companies. 
Business in Turkey means 1§ Bank, 



pronounced as in Turkish, means business. 


! . .T r * V. " 


' .. 


Head Office: 

Ankan,Tari£ey 

Head Office-' 

Foreign Department 
Abd3 ipehp Cad. No. 75 

Ihc 24814 ufotr 


Brandies abroad: 

I«ndoa2l Aldetmanbuty 

London BC2V7HA. 

lU: (01)6067151 
The 8951543 nhaokg 


frankfmt/Miin 

KaismnawS . 

CM5000Rankfun/Main 1 
TU; (069) 29 90 10 
The 4165085 tfchd 


W. Berlin 
Admhalstrasse J7 
D-10Q0W.Berfin3o 
Tfeb (030) 614 3034 
Tte 181481 uchbd 


Branches In die 
Turirish Republic of 
Northern I 
lefkofe 
The 571230* ik 


Tbc 57179 Bbmck 

The 572331** 


Representative 

Offi ces: 

W. Germany 
Fraokfun/Main - 

The 414143 i5cbd 

HfiUnri 

The Hague 
Ttx: 34259 E*annl 


Bureaus in W. Germany: 
Cologne 

Thu 3886609 Bchd 

Haml w g 

The 2173975 Hhhd 
Mimirih 

The 528347 ismue d 
ischd 




rv 


Financial Times Monday November 4 1983 


TURKEY Banking: Investment: Trade 4 




The challenge is to find new markets 


Foreign banks 

DAVID I A SCO I PS 


AT THE END of the 1970s 
foreign banks were leaving Tor- 
key. dismayed by the mounting 
political - and financial crisis. 
Today, they are trying to get 
back again. In the last few 
months at least five major inter- 
national banks have arranged to 
set up in Istanbul, attracted by 
the healthy — some might say 


embarrassing — ■ profits reaped 
by the banks that stack it out. 

By the end of this year, the 
number of foreign banks will 
have topped the 20 mark — not 
a huge contingent by some 
standards, but enough to make 
an impact on a market that has 
been slow to innovate. 

Predictably enough, the most 
prominent of the big multi- 
nationals is Citibank which 
opened its first branch In 1981 
and now has four in the major 
business centres. Other big UJS. 
names include American Ex- 
press International Banking 
Corporation, Chase Manhattan, 


Manufacturers Hanover Trust 
and Bank of Boston. 

The Italians, tire French and 
the Dutch are also represented, 
and the British will arrive 
shortly In the form of Standard 
Chartered (though Midland 
Bank has an advisory office in 
Ankara). 

Turkey’s appeal for foreign 
banks was captured in a recent 
study by the First Technical 
University’s Management Fac- 
ulty which was published by the 
magazine Nokta. This placed 
both Citibank and American Ex- 
press at or near the top of 
several league tables of Tur- 


kish banks based on measures 
like liquidity, profits, quality of 
assets and capital strength. 

In a summary table of "suc- 
cess points,** American E xpr ess 
came out top, with Citibank at 
No 2. Arap-Turk Bankas!, which 
represents Arab banking in- 
terests. came eighth and Tutun- 
bank with which Irving Trust 
of the U.S. is forming a joint 
venture, came tenth. 

But the foreign banks’ busi- 
ness and source of profits so far 
have been relatively narrow; 
mainly short-term trade finance 
which could hardly be described 
as the sharp end of innovation. 


"It is a niche strategy that 
worked." said Mr John Bem- 
son who runs the Citibank 
operation and adds that the 
trade finance market was until 
recently growing about 25 per 
cent a year. The foreign, banks, 
he says can also use their more 
efficient cost structures and in- 
ternational branch networks to 
good advantage over the Tur- 
kish banks. 


The targets 


An Old Guard fora New Era: 


Garanti Bankasi 



Turkish economic concepts and 
activities have been changing rapidly 
for some time past 

Turkey is in fact passing into a 
new era in solar as its economy is 
concerned and, especially, into a new 
era of foreign economic relations. 

Garanti B ankasi , one of Turkey’s 
foremost commercial banks, had long 
anticipated these developments and 
prepared itself accordingly. 

Garanti Bankasi is exceptionally 
weU : inforrned about the Turkish 
economy in general and about the 
country’s finance, industry and 
services in particular. You may 
unhesitatingly rely upon the advice 
and the in-depth information which 
Garanti Bankasi offers you. 

If you are interested in the many 
new opportunities which Turkey has 
to offer, you should contact 
Garanti Bankasi... now. 


Dr Vtttul AJdsik, managing 
director of Interbank, the 
specialist foreign trade bank, 
estimates that foreign banks 
now have 4A per cent of the 
trade finance markets. 

Although most of the new 
arrivals have also set their eyes 
on this particular niche, the 
easy profits may already be over, 
and the real challenge facing 
foreign banks now is to find 
new markets and work out the 
best way to tackle them. Mr 
Parker Griffin, vice president at 
Manufacturers Hanover, says 
that although "the Turkish pie 
was bigger than we expected.” 
foreign banks "are now evaluat- 
ing the second stage in their 
strategies.” 

The obvious targets are com- 
mercial lending and retail bank- 
ing. but both place foreign 
banks at a disadvantage vis-a-vis 
Turkish batiks because of their 
inferior market knowledge and 
contacts, . and shortage of 
deposits. 

Foreign basks are forced to 
rely on the inter-bank market 
for most of -their funds. 
Although the foreign banks 


themselves have helped this 
market evolve as an outlet for 
the big Turkish banks’ surplus 
earfi. it is still a little unpre- 
dictable. “You cannot really 
rely on the interbank market for 
your growth,” said Dr Metin 
Berk, assistant general manager 
of the American Express bank. 

Foreign banks are also at a 
disadvantage as placers in this 
market because interest on their 
deposits is subject to a 25 per 
cent withholding tax — a major 
grievance (though there are 
hopes it may be removed). 

Market intelligence is a prob- 
lem because of the tight-knit 
nature of Turkish business 
on family holdings, and 
the almost total absence of 
properly audited accounts. 

“ we have known Turkish 
companies for 10, 20 or even 80 
years,” said one Turkish banker 
who predicts that alien banks 
who venture into the market 
alone will come to grief. 
Foreign bankers try to play 
down this danger, pointing out 
that their operations are largely 
staffed, if not actually managed, 
by Turks. 

But increasingly they are de- 
ciding against going solo, and 
forming alliances with local 
banks, like Irving with Tutun- 
hanir. This summer, American 
Express formed a joint venture 
with Koc, one of the large 
family conglomerates, which 
will be called Koc- American 
and will drew on Koc’s huge 
representation around the 
country, and will eventually 
start a retail network to gather 
deposits. , , 

BNP of France is forming a 


520 m joint venture with Ak- 
bank, Turkey’s largest private- 
sector bank, which will combine 
BNP's international reach with 
Akbank’s strong market position 
in Turkey. A triple . alliance 
has been formed by Chemical 
Bank, Mitsui Bank and Enka 
Holdings, another industrial 
group. There are also strong 
rumours that Citibank is about 
to announce a major link-up: 
Mr Bernson declined to com- 
ment on them. 

By plugging foreign banks 
into new sources of deposits 
and loan business, these alli- 
ances should enable foreign 
banks to grow faster and raise 
their lending Unfits. But given 
the perilous state of the busi- 
ness loan market at the moment 
they may have to wait until 
Tuikish companies are in better 
shape. , 

joint banking ventures in 
which Turkish companies have 
a majority are also attractive 
because they get round fee high 
capital requirements for foreign 
bank branches. 

There are plenty of other 
areas where foreign banks axe 
active, notably prodding the 
development of Turkey’s capital 
markets and fin a nc i n g its 
foreign debts (both discussed in 
separate articles). Some banks 
have gone for highly specialised 
work, like Chase Manhattan 
which is handling the project 
finance for fee second Bos- 
phorus Bridge, and Morgan 
Guaranty which is adviser to 
the Government on its policy of 
selling off publicly owned 
enterprises. 


LARGEST FOREIGN BANKS 
ASSETS IN Tl» AT END 

OsmanU Bankasi • 157.75 2 
Arap-Turk Bankasi ' iia3S| 
Citibank - - ■RMai 


American Express 


28*66 


Banko di Roma 


JA27* 


Bank MetSaf 


RGCt 


U7« 


Habib Bank 




Halansre Bank 


Mas 


Turk Bankasi 


Swn: Bank* Association si 

So far as the local market la 
concerned, the arrival oS the 
foreign banks has had a mixed 
welcome. Their aggreodv* 
assault on fee Turkish hanky 
traditional business has not 
endeared them to the more 
entrenched members, of -.that 
community. 

On fee other hand. - the 
central bank scented quite 
pleased at the way foreign 
bankers arc forcing change on 
the Turkish banking sera*, be- 
cause they are adding to- the 
sophistication of the mosey 
and capital markets: and. set- 
ting the kind- of auditing 
standards the authorities want 
Turkish banks to adopt 

The more aggressive Turkish 
bankers also welcome foreign 
banks because they speed up 
the acceptability of new pro- 
ducts. - 

“ Nobody understood what we 
were trying to do until the 
foreign banks »nive&? safes Ur 
Erol Aksoy. the chairman of 
Bctisat Bankasi. who hah been 
pushing the concept of- mer- 
chant banking in Turkey. - 


Servicing corporate finance 


Merchant banks and citibank). 


third, yielding fee top two 
places to American Express 


DAVID i acrai re 


A SIGN of Turkish banking’s 
widening is the emergence 
of institutions ratling them- 
selves merchant banks. Though 
smalt and limited in scope by 
international standards, they 
aim to supply the growing cor- 
porate finance needs of large 
Turkish corporate customers in 
a more personalised way than 
tim big banks. 

Two of them, Turk Etamnmi 
Bankasi and Iktisat Bankasi, 
cultivate this market, though 
in quite different ways. 

TEB, based paradoxically in 
Istanbul's flashiest skyscraper, 
takes a low-key and highly pro- 
fessional approach to its select 
clientele. It deals with only 
200 customers. Most of its 
business is short-term trade 
financing; thoug h it also Offers 
other services like foreign 
exchange and financial advice. 

Dr Alrin Akhaygil, the tall, 
quietly-spoken general manager, 
stresses feat TEB, being part 
of a larger group, is under no 
pressure to produce short-term 
profits, so it can focus on 
clients* long-term needs. (Since 
1981 it has belonged to the 
Colakoglu family, owners of 
one of Turkey’s largest private 
sector steel mills.) 

Mr Akbaygfl has reinforced 
TEB’S reputation for profes- 
sionalism by tnraing in a con- 
sistently good profit perform- 
ance. It also emerged as fee 
top Turkish bank in Nokta 
magazine's recent ranking of 


Iktisat Bankasi, by contrast, 
proclaims itself from Istanbul’s 
rooftops, and has already made 
a deep mark on the local bank- 
ing scene although it is barely 
one year old in its new form. 

This was to be expected since 
Iktisat was taken over by the 
enfan t terrible of Turkish bank- 
ing, fee 38-year-old Erol Aksoy 
who gives his recreational pur- 
suits as jogging and siding 
and mamtaing that bankers 
most go in for marketing. 

Mr Aksoy learnt his trade at 
Harvard and in the corporate 
atmiim department of Smith 
Barney, the New Yotk broking 
firm, before launching into a 
ligh tning career in Turkish 
banking in 1976. He bbw his 
chance when Iktisat came up 
for sale last year at what must 
have been a knockdown price 
because of its loan problems 
(Mr Aksoy will not say how 
much he paid for it). 


first six months (audited 
accounts are a rarity in Turkey). 

Apart from Showing a sharp 
rise in profits, these stressed 
that Iktisafs biggest loan prob- 
lem. its Ergttr Kablo cable- 
making subsidiary has been 
•* stabilised.” 

All this has earned Mr Aksoy 
the grudging respect of other 
bankers who expect Iktisat to 
proride some of the yeast that 
will get Turkey's still backward 
capital markets mo ving. 

Although both TEB and 
Iktisat are brin g in g fresh ideas 
to Turkish banking, fee striking 
point is that both of them 
basically earn their living from 
that most traditional of banking 
products: trade finance. 

Their nmii size and flexi- 
bility, as well as their somewhat 
more sophisticated undesrtaad- 

ing of what modem banking ia good stead for the changes feat 
about, should stand them in are already on fee way. 



Erol Aksoy, chairman of 
mm Bankasi; unashamed 
market lag techniques 


A pioneer 


Turkish hanks based on safe 
measures as profits, bad debts 
add liquidity (it actually came 


TEB’s rial mg notwithstanding. 
Hr Aksoy sees himself as the 
pioneer of merchant banking in 
Turkey. Apart from trade 
finance, which is Iktisafs bread 
and butter, he says his bank is 
active in fee money markets, 
foreign exchange, bond under- 
writing, medium-term lending 
and project financing. 

All this is overlaid by Mr 
Aksoy’s unashamed marketing 
techniques. (He believes 
bankers have modi to learn 
from supermarkets when ft 
comes to displaying their 
wares). 

But he is also concerned to 
establish Iktisat with a solid 
reputation. He recently got 
Afeur Andersen to produce a 
set of audited accounts for its 


: v/r.v 

c. ,*■ • " ■' 



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as follows: "Turkey is a land of opportunity to be discovered' 
(March 1985: in Istanbul, Turkey) 


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^Financial Times Monday November 4 1985 


TU RKE Y Banking: Investment: Trade 5 


Three profiles illustra ting the big changes taking place over a wide area of the banking sector 




fast lane at Yapi-Kredi 


Husnu Ozyegin 




DAVID LKSCEUR 


HUSNU OZYEGIN belongs to 
. the new breed of Turkish 
banker. Young (he is 41), U.S.- 
educated with a Harvard MBA, 
lie . can even include spells 
working for IBM and Arthur D. 
Little in Ms CV. 

But Mr Ozyegin (pronounced 
Ers-yain) is also a man with a 
tough job on his hands: to 
restore . the fortunes of Yapi- 
•• Kredi- Benk, one of Turkey's 
largest private sector banks 
■-* which 'got .into deep trouble 
daring : the ' economic, crisis in 
the early 1980s. 

. Appointed managing director 
18 months ago, he etaims to be 
making some progress. “ We are 
gaining market share again,” he 
said in his Istanbul office where 


a prized memento is a framed 
letter from Robert Kennedy 
whom he knew' in the States. 

The problems at Yapf (which 
means construction)' were in 
many ways typical of the fail- 
ings of the Turkish banking 
industry which those harsh 
times exposed: poor manage- 
ment, a dose, almost incestuous, 
relationship with Turkish indus- 
try, and an inability to deal 
decisively with bad loans. 

Yapi’s trials were not only 
large but in a sense tragic 
because it had long been 
revered as- Turkey’s oldest 
established and largest non- 
state bank. Once owned by a 
number of industrial companies, 
it was acquired in 1980 by 
Cukurova; one of Turkey's lead- 
ing family-owned commercial 
groups which also owns two 
other banks, Pamukbank and 
.Interbank, a specialist foreign 
trade finance bank. 

Cukurova immediately found 
itself with trouble on its hands. 
.Yapi’s bad loans multiplied, and 


a succession of management 
changes failed to stop the rot 
So Mr Ozyegin was called in 
from Pamukbank where he had 
been general manager since 
1977. 

He found a sorry picture of 
demoralised staff and burgeon- 
ing costs in addition to the 
more obvious woes of loan 
losses and falling market share. 

One of the first steps was to 
replace nine of the bank's 12 
assistant general man agers, in 
the process reducing their aver- 
age age from 59 to 40. He then 
raided Turkey’s central bank. 
Citibank and the Istanbul office 
of Pirelli for new talent to 
create a tight-knit and fast- 
acting group of top executives. 

“We had to speed up the 
ptiain of command,” he recalls. 
As it turned out, the job of 
cleaning up the loan book was 
more straightforward than he 
had expected. The bad loans 
were concentrated on just 
eight — albeit large — companies. 

The first task was to obtain 


new collateral, and then work 
out how to reduce the debts. 
In some eases, Yapi took sub- 
sidiaries off its borrowers in 
payment. 

Then the bank itself was 
straightened out with an in- 
jection of fxeah capital from 
Cukurova. Yapi also took ad- 
vantage of new regulations 

which allowed banks to revalue 
their fixed- assets and take the 
profit into their capital tax free. 
The combination of fewer bad 
debts and a bigger balance 
sheet means Mr Ozyegin 
expects to reduce bad loans 
from 20 per cent of total loans 
to between 3 and 4 per cent 
by the end of this year. 

His goals now are to build 
up Yapi’s capital and try to win 
back the leading position it 
lost. He expects Yapi to be 
Turkey’s leading trade finance 
bank, and he has created a new 
high powered corporate lending 
department under Mr Osman 
Erk, formerly of Citibank But 



Drive for efficiency at 
Turkey’s oldest bank 


Husnu Ozyegin, managing 
director of Yapi-Kredi: a man 
with a tough job on his hands 

he also wants Yapi to play an 
innovative role by exploiting 
new technology (Yapi has taken 
the lead in prating branches 
“ on line by introducing new 
financial instruments to Turkey, 
and developing the capital 
markets. 

“We have been doing things 
in a very traditional way in 
Turkey. We need to be much 
more sophisticated.” 


DYB shows enthusiasm for privatisation 


1: MOST Turkish banking is con- 
■- cerned essentially with trade 
: rather than industry. Market 
l conditions since 1980 have made 
lending to industry much more 
hazardous than it was in the 
1960s and 1970s, when interest 
rates were well below inflation 
and the banks seem to have 
made most of their profits 
through charges on trans- 
actions. 

- While others talk about set- 
\-;tfog up merchant banks in 

- Turkey, it -already has four 

- banks which specialise in in- 
.. vestment lending. Two, the 

- Sinai KaUdnma Bankasi and 
Die Turldye Sinai . Yatirim 
Kredi - Bankasi (Industrial 

: Development Bank and the 
Stndnstrial Investment Credit 
Bank of Turkey), belong to the 
\: private sector and are- based in 
Istanbul. 

. - ■ - Another, Desiyab, was set up 
■^bo i Yfife 1970s to help Turkish 
“ workers abroad to set up their 
■ own companies. Atpresent .it 
‘ is assisting 350 companies, 
only a few of them being signi- 
ficant in business terms. The 
Devlet Yatirim Bankasi (State 
Investment Bank), has the job 
of providing the State Econo- 
mic Enterprises (SEEs) with 
investment funds. 

"Not really a bank,” was the 
j udgm ent of ia Istanbul-based 


investment banker when asked 
about the DYB. For most of 
. the period since it was set up 
in 1964 the DYB has channelled 
fund s from the Treasury to 
SEEs. Last year it lent about 
TL 60bn, or just under 6 per 
cent of total SEE investments. 
Typically, when a new public 
sector investment was- planned, 
the DYB would be called in 
along with other potential 
backers to see how funds for 
the new project could be 
raised. 

Last February, however, the 
DYB was given a new charter 
which, in the changing circum- 
stances, means -that its method 
of operation will grow increas- 
. ingiy like that of other banks. 
It has no plans to become a 
.deposit-taking bank, .and its 
field of interest is confined to 
' the Turkish public sector, but 
it may become an important in- 
strument in the Ozal admini- 
stration’s p lans to privatise 
some of the SEEs. . . 

One problem the bank has to 
solve first concerns its own 
“non - performing debts.” 
Because Its creditors are ail 
public sector enterprises, it can 
perhaps afford to be slightly 
more outspoken on this issue 
than some of its private sector 
counterparts. 

“Much of our money is tied 


State Investment 
Bank 

DAVID BAROiARD 


up in unpaid instalments,” says 
a bank official. “We have to 
issue bonds to SSK (the Social 
Security Fund) at 35 per cent 
interest because we a re not 
being paid. The SSK is not 
happy to be paid like this, but 
we have no alternative since 
we are not being paid our- 
selves.” 

On delayed loans, the bank 
charges 55 per cent interest, 
which is still below the cost of 
mast funds on the commercial 
money markets. The bank offi- 
cial names some of the good 
and bad payers in the Turkish 
public sector, singling out the 
state Post Office (FIT) for 
praise. A big company 4n the 
energy sector which is regarded 
as risky by most Turkish private 
enterprise firms is now “start- 
ing to pay immediately,’’ he 
says. 

Meanwhile, the bank is study- 
ing ways to help SEEs to raise 
funds by issuing bonds saleable 


to the Turkish public. Petlas, 
the state-owned aircraft tyre 
corporation, may be the first in 
line, having commissioned a 
detailed study earlier this year. 

The DYB Is ' in fact repre- 
sented on the steering commit- 
tee which handles the privatisa- 
tion programme. Other members 
are the state planning organisa- 
tion, the Mass Housing and 
Public Participations Fund, the 
Treasury, the central bank, the 
Ministry of Finance, and the 
Capital Markets Board. 

Enthusiasm for the privatisa- 
tion programme is to be dis- 
cerned in what might be ex- 
pected to be the somewhat 
bureaucratic and entrenched 
offices of the state investment 
bank. .The question whether 
state ownership of industries 
mi gh t ■ not sometimes have 
merits was lightly brushed aside 
as “political.” Hi general, the 
bank seems pleased to be 
involved in trying to turn over 
sections of the SEEs to private 
ownership, apparently because 
inefficiency and indebtedness are 
for many the main char acter!*- 
tics of the old-style SEEs. 

- The DYB faces particular 
challenges in the area of hard 
currency financing. This year 
the bank has turned to the 
Japanese bond market and 
negotiated with Nomura, Nik- 


kon, and the Industrial Develop- 
ment Bank of Japan for funds, 
mostly for the enlargement of 
Turkey’s third iron and steel 
complex at Iskenderun. 

On the Turkish market it 
faces problems because of its 
role as a long-term lender. It 
would like to lend bonds with 
maturities of two years pn 
behalf of corporations such as 
the post office. But given Tur- 
key’s high and unpredictable 
rates of inflation in recent years, 
the Government still regards 
even a one-year bond as a long- 
term instrument 

Total lending by the DYB in 
1984 was TL 45Abn, of which 
nearly 70 per cent went to 
manufacturing industry, 16 per 
cent to energy, 11 per cent to 
telecommunications, and 2S per 
cent to mining. 

Its role extends beyond 
simple lending; however. It also 
organises training programmes 
for staff at the main state cor- 
porations. 

“The bank has to stand on iis 
own legs in accordance with the 
Prime Minister’s views,” says its 
annual report A DYB executive 
put it more succinctl y: "F rom 
now on, in handling SEE bor- 
rowings, we will act as if we 
wi>re a private bank and onr 
collection polity will get more 
effective.” 


ZEftAAT BANKASI is by far 
Turkey’s oldest and largest 
bank, so large indeed that its 
very existence sometimes get 
overlooked as attention is 
focused on the commercial 

banking market where trans- 
actions are much smaller than 
those undertaken by Ziraat 

Founded in 1853 to finance 
agriculture on behalf of the 
government, Ziraat Bankasi 
remains directly attached to the 
prime minister’s office and 
serves both the Treasury and 
the central bank. While 80 per 
cent of its transactions are for 
financing agriculture, the bank 
also acts on behalf of the cen- 
tral bank In many parts of 
Turkey, paying civil servant’s 
salaries and even collecting tax 
payments on behalf of the 
Treasury. 

Its usefulness as policy instru- 
ment to the government of the 
day was highlighted in 1983 
when — under a different 
general manager and a different 
minister of finance— Ziraat 
Bankasi’s deposits were used to 
doctor the money supply figures 
each weekend so as to allay 
IMF suspicions. 

Recently the bank has also 
been used to bail out most of 
the half dozen banks which be- 
came insolvent after 1983. The 
biggest operation was the 
absorption of Hlsarbank and 
the remnants of the Kozanoglu 
Cavusoglu industrial empire 
which had gone with it. 

Some other banks claim that 
the takeover of Hisarbank 
placed too great a strain on 
Ziraat Bankasi’ resources. Offi- 
cials will only say that it was a 
heavy burden in terms of the 
paperwork involved, not least 
in hanging the names of 
several hundred branches over 
a single weekend. 

The operation left Ziraat 
Bankasi for the first time with 
something like the rale of an 
industrial bank. This did not 
please the incoming Ozal 
government, which wanted to 
see it cut back to its traditional 
business. The bank’s holdings 
in industry remain. It owns 
Turkey’s largest fruit juice 
company, for instance, but most 
of its shareholdings now are in 
agro-industries or activities 
such as agricultural machinery 
production which are related to 
Its basic operations. 

Unlike most of Turkey’s other 
state banks, which have a com- 
posite ownership, Ziraat is 


owned by the Ministry of 
Finance and has no share- 
holders. It is now planning to 
double its capital to TL 1 00 bn, 
all of it provided by the Trea- 
sury. In theory its profits should 
be used to finance its own capi- 
tal, but this has not happened 
since 1982. 

The bank’s main problem is 
that, unlike other banks, agri- 
cultural credit is still subsi- 
dised in Turkey and carries an 
Interest of between 30 and 35 
per cent, about half the average 
commercial rate. This Is offset 
by the slightly lower cost of 
funds to Ziraat Bankasi from 
sources such as the Agricul- 


Ziraat Bankasi 

DAVID BARCHARD 


rural Credit Fund of the cen- 
tral bank. 

But even with additional 
interest from this source, 
Ziraat is seldom able to make 
more than 40 per cent on its 
farm credits. This situation, offi- 
cials say, accounts for the 
bank's relatively low profit- 
ability. In 1984 Its profits were 
TL 2.6bn. 

“ That does not seem to be 
satisfactory,” compared with 
our total volume of business or 
total assets,” the bank’s annual 
report for 1984 comments. 
Assets last year were TL 925.bn. 

The problem seems to lie 
partly, with the management 
Ziraat is now emerging from a 
period when it was relatively 
closed to the outside world. 
Last year it had severe trouble 
in getting its accounts endorsed 
by the Audit Commission of the 
Turkish Parliament. “The pro- 
blem was solved when the 
general manager was replaced,” 
a bank official says drily. 

In September 1983 the Ozal 
Government — in what must 
rank as one of its more 
important if less widely known 
advances — put Mr Mustafa 
Akfcaya in as general manager, 
thus tightening the grip of the 
relatively frail new civilian 
administration on the bank. 

Since then the murmurs of 
criticism of Ziraat in the 
Turkish press have subsided 
and the bank has concentrated 
on expanding its commercial 


operations. It Is now opening 
brandies in New York, London, 
Switzerland, and Luxembourg 
and considering opening a new 
branch in West Germany and 
a representative office in 
Brussels. It Is also planning 
to move from manual to auto- 
matic accounting at its branches 
in Turkey. 

“Working with 1JS00 
branches on a manual system 
is slow and painful,” a bank 
official says. He claims that 
operating expenses are befog 
pruned and efficiency increased 
wherever possible. 

One area where Ziraat 
Bankasi maintains a strong lead 
over its competitors concerns 
foreign currency deposits, 
which Turkish citizens have 
been allowed to open since 
December 1983. Of about ¥3.5bn 
currently held in Turkey, more 
than a quarter is kept with 
Ziraat Bankasi, apparently be- 
cause of the confidence that 
ordinary Turks have in it as 
a state bank. 

A higher rate of interest 
may also be a factor, since the 
bank has until recently paid 
rather more than its rivals. 

In 2982 it turned to the inter- 
national money markets to 
raise $200m at Libor plus 135 
per cent for pre-export 
financing. Maturity was on 
November 2 this year. The 
bank is currently negotiating 
with various banks for a further 
$100m with a maturity of one 
year. 

Ziraat ranks os a State 
Economic Enterprise (SEE) 
and Its staff are paid on 
the SEE scales. However, they 
get an additional 50 per cent 
plus five-monthly bonuses a 
year, and the right to use the 
bank’s own sporting, holiday, 
and medical facilities. 

Senior managers also have 
the prospect of additional 
salary as board members of 
one of Ziraafs subsidiaries. 
These inducements have proved 
sufficient to keep most of the 
staff with It for life, even if 
— as one of them sighed — “we 
are paid slightly less than we 
would get in the private sector 
commercial banks. 

Under Mr Ozal’s government, 
Ziraat seems to have decided 
to adapt to new market condi- 
tions as rapidly as possible and 
the bureaucratic secretiveness 
of a few years ago has given 
way to a new openness. 




•. i«r 


si". .•%*’ ^ 4 . 


T 


BECAUSE INTERBANK TAKES THE LEAD 
IN INTERNATIONAL TRADE FINANCE. 

Turkey has always been a vital bridge 
between the Westand the Middle 
East. 

Today this position is stronger 
than ever becauseTurkey has added 
the extra dimension of trade to it. 
Take scrap metal, for example. 
With Interbank providing the 
financial support, Turkey does 
take it, mostly from the Vfest. 

It is melted down and 
turned into finished steel 
products for export to the fast 


Why is Turkey in 
a position to turn 
Western scrap into 
Middle Eastern 
steel? 


transactions of this kind and the sophisticated banking systems 
needed to meet them. 

Of course this is only part of Interbanks international 
financial operations, which accounted for nearly 10% in 












Rile 





m* 






jn all of Turkeys total international trade earnings in 1984. 

jn 1985 we expect to account for even 
more of them. 




of the Middle East. 


growing industrial markets 

Interbank is Turkeys foremost specialist in this growing 
sector of trade. 

We have a wide experience of the requirements of companies 


^INTERBANK 

^STHE TURKISH BANK FOR 
INTERNATIONAL TRADE 


FOR MORE INFORMATION ON INTERBANK PLEASE CONTACT NANCY 
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\ 






VI 


Financial Times Monday November 4 1985 ' 








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A foremost financial institution in Turkey, 
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TURKEY Banking: Investment: Trade 6 


More 
realistic 
appraisal 
of law 


Leasing 

DAVID TONGE 



ON JUNE 10 a long-heralded 
leasing law took effect and five 
months later Istanbul’s finan- 
cial community is still wander- 
ing what win be the first major 
leasing deal. 

Will it be for the F-27s and 

F-28s aeroplanes with which 
Sonnies Holding hopes to com- 
pete on some domestic routes 
with Turkish AirHrw; or for 
further ships to add to Turkey’s 
expanding merchant fleet? Or 
for computers or industrial 
plant? 

Initial local expectations that 
the enactment of the law 
would change the face of 
capital investment in Turkey 
are now giving way to a more 
realistic approach. In the sum- 
mer the local Press was pub- 
lishing articles headlined 
“Leasing will solve the funding 
problem" 1 and supplements en- 
titled “I love teasing." 

Today, as the law and its 
main implementing decree are 
being analysed, a more sober 
mood applies. ’ 

Leasing is slowly being under- 
stood -as just another form of 
medium-term finance — the four- 
year minimum contract in the 
law makes foil financial leases 
the order of the day rather than 
operational leases — and as sub- 
ject to many of the normal 
problems of sod. finance in 
inflation-plagued Turkey. 

Helping is this new realism 
are the professional confer- 
ences being held— for instance 
that a rrang ed for next month 
by TSKB, the Industrial 
Development Bank of Turkey. 

Now the focus of action is 
not between lessors and lessees 
but the quiet lobbying by finan- 
ciers actively interested In the 
market during their day trips to 
Ankara. One recent key point 
discussed with the Miimtry of 
Finance was whether cross- 
border lease payments wQl be 
subject to withholding tax. 

It seems they will not and 
that potential lessors have 
finally convinced the authorities 
that such deals should have a 
tax status similar to that 
accorded to other forms of 
finance. 

Framework.,. 

The law. and. implementing 
'decree .represent the fruit of 
long work by officials, by indus- 
try representatives and by the 
International Finance Corpora- 
tion, the private-sector finance 
arm of the World Bank group. 
Inevitably, the Ministry of 
Finance has included points the 
private sector opposes, but most 
potential lessors believe the 
legal framework is now clear 
enough to provide a reasonable 
starting point 

“Of course, there is hardly 
a point that will not change in 
the future,” says one expert 
involved in the discussions. But 
on one provision the Turks 
seem adamant, that banks will 
have to set up special leasing 
subsidiaries if they wish to be- 
come involved in the sector. 

Local leasing companies most 
have a minimum paid-up capital 
of TL lbn ($L9m) and foreign 
companies $2m- 

The foreign banks had hoped 
that they would be able to use 
some of their existing Turkish 
assets without bringing further 
capital into Turkey. They would 
like to offset their tax liabilities 
through leasing, but the autho- 
rities seem concerned that 
Turkish banks might have 
tripped up if they became 
directly involved. 

As part of its general finan- 
cial liberalisation, the Turkish 
Government has thus broken 
down the barriers to this in- 
strument — some 20 years after 
Brazil and several years after 
all Europe, except Greece. 

A number of major inter- 
national leasing companies ha've 
been following these develop- 
ments and are now poring over 
the legal small print. But 
foreign banks involved in leas- 
ing say it may be some time 
before outside investments in 
leasing companies are seen in 
Turkey. 

As one of them explains: 
“How are we going to solve 
the local funding problem? The 
law sets a minimum lease term 
of four years, but there is no 
four-year money in Turkey, 
that implies floating-rate leases, 
which are not that popular." 

Another banker says: “ I have 
not seen apy serious potential 
investor.” 

The general expectation is 
that the first business done will 
be cross-border deals booked 
abroad and involving items such 
as lorry fleets, aircraft construc- 
tion equipment, computers, 
manufacturing plant, or ships. 

The Turkish authorities have 
accepted that cross-border lease 
deals will not attract import 
duty. “It will be a new form 
of export finance,” one bank 
with a large leasing arm com- 
ments. “There may be more 
demand for lease lines for 
Turkey than for increasing 
traditional export finance 
lines.” 

David Tonge is Director of 
IBS, International Business Ser- 
vices, Istanbul, a consultancy 
firm helping investors and 
traders interested in the 
Turkish market 


Government seeks 
greater competition 


THE INSURANCE industry is 
worrying the OzaJ government, 
which would like to see healthy, 
competitive insurance com- 
panies stimulating the country’s 
fledgeling capital markets. 

Instead, it is faced with a 
narrowly-owned industry which 
shows little of the innovation 
now affecting the banking 
sector. Though open to foreign 
i n vol v e m ent, the foreign com- 
panies have long played a 
secondary role, collecting only 
six per cent of premium income. 

The insurance companies do 
little in the way of productive 
investment. The latest figures 
available show that at the end 
of 1983 the insurance companies 
had less than a quarter of their 
assets in shares and bonds. 

Critics of the industry charge 
that insurance companies make 
excessive low-cost deposits with 
the banks which own them, 
describing them as “ cash cows 
for their owners." 

Commercial prudence 
requires the industry to remain 
liquid; but, that said, the con- 
centrated structure of Insurance 
company ownership undoubtedly 
affects their commercial 
practices. 

“ I couldn't insure with , my 
uncle’s company,” says one 
industrialist. “The bank made 
my last credit conditional on 
Insuring only with their 
Insurance group." 

All major Turkish Insurance 
companies are under the con- 
trol of one single group. Indeed, 
only 5.9 per cent of the shares 
of the industry as a whole are 


in the hands of the public. 
Recent government efforts to 
reform the sector have not been 
directed to spreading owner- 
ship but to trying to modernise 
legislation unaltered for a 
quarter of a century. Ankara 
was worried that the companies 
did not have enough capital. 

It was also particularly con- 
cerned at the unregulated 
operations of sales agents. “The 
chaotic conditions under which 
the sales' organisations of in- 
surance companies are operated 
has brought our insurance in- 
dustry to a dangerous comer," 
said one official. 


Insurance 

DAVID TONGE 


The law included some pro- 
visions welcome to insurance 
companies, including prison 
terms for " anyone imputing to 
an insurance company an action 
detrimental to its credit and/or 
reputation or diffusing un- 
founded rumours of this kind.” 

But the Government soon 
found that it had succeeded 
in uniting against it the 25 
Turkish insurance and reinsur- 
ance companies and the 14 
foreign companies. The local 
companies were concerned that 
they would lose business 
through the legislation cancel- 
ling their rights to accept de- 
layed payment of premiums. 


Leading insurance companies 

End-1983 

Assets 

TLbn 

Main shareholder 

% share 

wnn Reasurans 

17JS 

Turidye Is Bank 

77 

Amdahl 

641 

Turklye Is Bank 

99 

Aksigorta 

545 

Saband Group 

99 

Basak 

4.7 

Agricultural Bank eo-operatives 

80 

Sark 

4.X 

Koc Group 

67 

Seker 

3.7 

State sugar industry 

42 

Gunes 

X5 

Vakiflar Bank 

51 


With rates fixed _by - the 
authorities (and little eMtaeed 
for 30 years) companies have 
bees competing through the 
credit they extend; 27 per cent 
of their assets consist of debts 
from their clients and agents. 

The foreign companies found 
that they were being Obliged to 
capitalise both in their bonus 
countries and Turkey.' They 
mounted a vigorous campaign 
claiming that tills was agatast 
international practice, Turkey* 
association agreement with the 
European Community, - and 
Brussels directives. 

The net result was-tbar the 
Government withdrew its draft 
bill and it is now considering 
where to amend and extcndMu 

Such opposition to change' is 
hardly surprising givep ex- 
tremely high profits in . the 
spetor. Premium* are fixed' at 
rates well above those current 
in the industrialised West. Fins 
rates, for instance, are OR per 
cent, about twice the in- 
dustrialised norm. 

Consequently, in 3983 local 
companies made post-tax profits 
equivalent to 21 per cent of 
their total income. Those 
accustomed to, say, the London 
market, where companies 
accept a small loss on Insur- 
ance which Is compensated fcy a 
profit on investment Income, 
look with envy &t the ratios or 
losses to premium Income In 
the main sectors. 

For fire, transport and en- 
gineering insurance, the in- 
surance companies pay out in 
losses between a mere 29 and 
35 per cent of their premium 
income. In the accident branch, 
the other main area, losses 
totalled 60.5 per cent of pre- 
mium income In 3983, which is 
Still a result that most in- 
dustrialised countries* com- 
panion would be glad to 
achieve. These four areas 
accounted for 97 per cent of 
premium income. 

In view of Turkey's high in- 
flation rate, life assurance ha* 
not attracted many takers, la 
1983 it accounted for no mm« 
than 2.3 per cent of premfifin' 
income. 


One man think tank 


TURKEY is going to prove that 
there is a serious desire to 
devise monetary policies in the 
way that more advanced 
Western organisations do, 
according to Ur Rustu Sara- 
coglu, the Central Bank official 
who has recently been a kind 
of one-man think tank for the 
Prime Minister. 

Mr Saracoglu, 37, cultivates 
the image of an academic ecoir 
omist who does not relish the 
limelight. Even so, he has been 
closely associated with several 
of the government's key 
economic decisions over the 
past year. It was his idea to 
put government bonds up for 
auction so as to determine in- 
terest rates through market 
forces. 

He is currently advocating 
that Turkey should prepare its 
own standby programme — pub- 
lish targets for the growth of 
the money supply and credit 
and explain the reasons frankly 
if these are not met. 

His most daring proposal, 
however, is that the budget 
should be balanced. “The 
government is borrowing too 
much in the market," he says. 
" Deficits worry us, like ' all 
central hanks everywhere." 

Apart from considering ob- 
vious measures to help balance 
the budget such as more taxes 
and further public spending 
cuts, he suggests, the govern- 
ment might be able to raise 
funds through measures such as 
the sale of customs warehouses. 


“ The revenue would not be per- 
manent, but it would not be as 
transitory as one would expect 
either," he says. 

A chance holiday meeting 
with the Ozal family in Bod rum 
brought Mr Saracoglu bade 
home from a career teaching 
economics and statistics in the 
U.S. 


Profile: Rush: 
Saracoglu 

DAVID BARCHARD 


He is the grandson of a far- 
mer Turkish prime minister 
and the son of a judge. He took 
a doctorate in economics and 
statistics at the University of 
Minnesota and worked as a 
research fellow at the Federal 
Reserve Bank of Minneapolis 
before going on first to an 
academic career in Boston and 
then the research department 
of the IMF. 

His return to Turkey in July 
last year was proceeded by more 
than two years dose association 
with Mr Turgut Ozal, who had 
spent many hours discussing 
economics with him during 
visits to the U.S. while out of 
office in 1983. 

Now Mr Saracoglu is widely 
regarded as the most influential 


of the Prime Minister's advisers, 
one whose quiet manner has 
attracted little jealousy even 
though he is clearly being 
groomed for higher things. 
Whether it will be in politics 
and - the ruling Motherland 
Party or in .the civil service is 
not yet dear, however. 

“Rustu is a classical econo- 
mist," says a senior civil ser- 
vant “ His economics are 
strong but on some matters— 
for instance balancing the bud- 
get— I don’t think he always 
sees the political side of the 
problem." Much of Mr Sara- 
cogiu’s work, however, consists 
of supervising the technical 
aspects of the transition to a 
free market economy. 

Among these measures is the 
introduction of a new system 
of central bank supervision of 
the banking sector, and its pro- 
visions come into force next 
January. The system Is now 
“virtually complete” and on- 
likely to change, he says. M We 
need to explain to the public 
what our policies are and why 
particular decisions are taken." 

His main concern, however, 
is to see monetary growth 
slowing down in 1986. "The 
reduction in the velocity of 
circulation which helped to 
keep inflation down this year, 
with a monetary expansion of 
KMJ0 per cent, cannot continue. 
Monetary growth will have to 
slow down,” he insists. 



KISKA CONSTRUCTION CORPORATION 

MTTHATPASA 13, ANKARA, TURKEY 
Telephone: (41) 31 11 80 Telex: 42842 KSKA tr 

YESILCESME SOK 4, ISTANBUL, TURKEY 
Telephone: (1) 356 60 40 Telex: 29402 MOGA tr 




v y* 



Financial Times Monday November 4 1985 


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TURKEY Banking: Investment: Trade 7 


Ozal model for 
joint ventures 


Bureaucratic obstacles are fewer 


r Finance 
measures 

DAVID BARCHARD 


WHEN the Government 
announced its new formula. 
model for financing energy 
investme nt s, such as the pro- 
. posed 630Mw unclear power 
station at Akknyn on the 
Mediterranean, there was a 
sharp intake of breath by 
many;. foreign businessmen. 

' The formula— known to the 
government as M build-eperate- 
nand-oyer turns the finance 
cost oC major infrastructural 
projects into a balance of 
payments advantage b; mak- 
' ing.them into a joint venture 
with a foreign company. Kwn, 

. the West German consortium, 
pulled out of the Akkuyu pro- 
ject, for example, leaving the 
field to AECL, the fjiwadinn 
nuclear power corporation. 

■ AECL went ahead with 
the proposals, which Invo lve a 
joint venture with TER, the 
state electricity authority. If 
■Can a dian financiers can be 
: convinced and a suitable fin- 
ancial package arranged, the 
deal should be under way be- 
fore .the end . of. the year. 

. Meanwhile, the Government 
..is negotiating, with three 
other foreign companies for 


coal-fired power <3afb*wy 
These include BBC of Switzer- 
land, Seapack of Australia and 
a Japanese consortium. The 
advantage for the Gove rnm ent 
Is not only financial. The 
arrangement is intended to 
ensu re more efficient con- 
struction and management 
than seme big power projects 
in the past, notably the big 
lignite-fired plant at Afsin 
Elbistan, whose construction 
proved a severe embarrass- 
ment. 

Now the Government is 
planning a second plant at 
Afsin Elbistan, on the same 
scale as the first with four 
units of 350Mw. It says that 
this time it has decided to 
apply the “Ozal model” 
there and it has five proposals 
in hand, from BBC, Seapack, 
a Japanese consortium and 
Kwn, which is believed to 
consider the model more 
attractive when applied to 
non-nuclear power stations 
than it was at Akkuyu. 

“ An investor always has to 
take risks,” says the Prime 
Minister’s younger brother. Dr 
Yusuf Bozkurt Ozal, who 
heads the state planning or- 
ganisation. “ Yon are building 
in somebody else’s country, 
but if yon work with capable 
groups and you have some 
kind of government guaran- 
tee that should be enough to 
make sore yon get your 
money back if the plant is 


Three prongs 
to strategy 


\ ft 


Privatisation 

.. DAVID RUONtCK 


THE MOVE to privatise over 
-SO state-nm concerns, many of 
Diem sprawling State Economic 
Enterprises <SEEs), needs to 
be Been In the context of the 
Turkish Government’s budget- 
ary problems and Turkey’s 
relatively undeveloped capital 
market 

Privatisation serves two 
budgetary purposes. First it is 
being used to mobilise funds 
. for much-needed investment in 
the housing sector — there is 
a severe housing shortage in 
Turkey.: -But privatisation' Js 
also'* designed to cut- current 
grpMRiit ure ;- pH good part Of 
Turkey's sizable budget deleft 
can be liid at the door of the 
high level of subsidies to the 
SEEs, though they are no 
longer the drain on the 
exchequer they once were. 

The International Monetary 
Fund, anxious to see a 
structural reduction in the 
deficit, wholeheartedly sup- 
ports further moves to cut 
expenditure bn the SEEs. The 
.World Bank Is also sympa- 
thetic to privatisation; it is 
providing loans for sectoral 
studies . and a six-month 
H master plan” study of the 
whole project being prepared 
by Morgan • Guaranty Trust 
Company. 

- Morgan Guaranty tends to see 
privatisation in terms of the 
need to develop the capital mar- 
ket; 'both through the quality 
of names — like the national 
airline . TOrk Hava Yollari 
(THY) or Sumerbank, the tex- 
tiles SEE— and the large-scale 
nature of the financial institu- 
tions created. 

According to one manage- 
ment consultancy and invest- 
ment promotion firm there is 
still widespread distrust of buy- 
ing shares in the present 
family-run companies. Not 
only is there rarely, if ever, 
any disclosure . of the real 
financial situation in these com- 
panies,. it is also questionable 
:to what extent a . non-family 
shareholder would, be allowed 
to reap substantial benefit. 

The Government is therefore 
anxi ous to mobilise the people's 
financial resources by offering 
them shares in public assets. 

In practice, privatisation is 
taking three basic forms. First, 
the Government is selling 
revenue-sharing certificates, like 
those In the Bosporus suspen- 
sion bridge and the Keban elec- 
tromagnetic dam on the 
Euphrates. These revenue- 
sharing schemes might well 
have been specifically designed 
for ; !■ the religious Muslim 
investor; since they do not 
involve the payment of interest, 
they do not infringe the Islamic 
• ban on.JUba. 

Second, the Government is 
Involving private investors in 
traditionally public sector 
activities, notably in the energy 
sector where the Government 
is hoping that private capital-— 
both local and foreign — wiu 
invest in the construction and 
operation of the big power 
plants it has planned. 

The. Government’s expansive 
'aim isr to make Turkey self- 
sufficient in electriaty by the 
end m the current developmmit 
plan in 1989, and it believes the 
private sector has a s ign i fi c an t 
role to play. A number of local 
\ industrial groups . have cither 
already been issued .with 
permits, or are under considera-. 
tion to build power plants. 

Finally, there is the projected 
sale of public assets, starting 
with the airline. Lazard Freres 
recently completed a 
the Government on bow best to 


rationalise TOY’S operations 
and the various sales options 
that could be adopted. 

Lazard ' has suggested a 
minority shareholding by a 
foreign airline — which should 
also have a management role— 
with the majority of the shares 
held by the Turkish public: 

Mr Vahit Erdem beads the 
Directorate of Mass Housing 
and Public Participation 
Administration, the government 
department which is organising 
: the sale of state assets and 
channelling their proceeds into 
mass housing projects. He is 
optimistic for t he prospects of 
the sale of THY, which he says 
Is becoming increasingly profit- 
able (expected profits of 
TL 40b n this year, TL 70bn 
next year). 

' ■ He welcomes the ' Lazard 
report; and- hopes to sel l -an 
initial -percentage : of the- THY 
equity to the 'airline’s employees 
by the end of the year. Next 
year he plans to sell more of 
the equity to the general public, 
followed by a final sale of shares 
to Turkish and foreign com- 
panies. 

At present, THY’s prices are 
heavily subsidised on some of 
its interna] routes, especially to 
Eastern Turkey, but after 
privatisation prices will rise 
to make these routes also profit- 
able. 

Under review 

Studies evaluating the means 
of privatising the textiles, min- 
ing, cement and fertiliser in- 
dustries are also under review. 
Mr Erdem regards the prospects 
for the first three as reason- 
able, but he foresees possible 
problems with fertilisers as' a 
heavily subsidised sector “where 
the free market philosophy has 
penetrated least.” 

Mr Erdem’s department is 
directly linked to the Prime 
Minister’s office, to emphasise 
the centrality of privatisation in 
the Government's overall pol- 
icy, and its determination to 
overcome whatever resistance 
may be forthcoming from any 
parts of the government bur- 
eaucracy wishing to protect 
their public-sector progeny. 

But a certain amount of 
bureaucratic opposition may be 
inevitable: the Turkish bureau- 
cracy. like many others, is 
wedded to entrenched adminis- 
trative practices, and bureau- 
crats are no fonder of losing 
power than any other people. 

In broader terms, the political 
opposition is not, on present 
evidence, likely to prove parti- 
cularly effective. The left, leav- 
ing aside its present institu- 
tional powerlessness, is demora- 
lised and on the ideological 
defensive after Die failure of 
its dirtgiste. protectionist 
policies. 

The Prime Minister, Mr Ozal, 
sees hie victory in tile 1984 
local elections ■ as popular en- 
■ dorsement for his privatisation 
strategy. . ' ' 

For his part, Mr Erdem, as 
chief executive of the process, 
sees few seriou s obstacles 
ahead. The SEEs, after years 
of loss-making, at last look like 
i paking a profit, and the success- 
ful experience so far of selling 
the Bosporus and Keban 
shares is an encouraging sign 
of the strength of public sup- 
port. 

The only fly in the ointment 
Is that new, privatised admini- 
strations will almost certainly 
have to get rid of “ some exist- 
ing surplus staff.” But that Is 
a bridge that Mr Erdem will 
cross in due time; meanwhile 
guided by UK experience, 
he -Is seeking for Turkey 
the improved motivation and 
efficiency be says be. found at 
all levels when he visited Bri- 
tish Telecom. Cable and Wire- 
less. and the British Freight 
Corporation. 


built and run properly. 

“It may not satisfy the ex- 
port-import banks, but we are 
able to say to foreign firms 
“ don't just self us the equip- 
ment, you can make even 
more money by operating it as 
well," 

Financing remains tricky, 
however, as Dr Ozal points 
out, export credit agencies 
think in terms of financing 
the capital goods ^rather than 
the total investment; and the 
traditional forms of govern- 
ment guarantee cannot apply 
because in the new model 
the plant Itself. It can simply 
offer a market guarantee and 
a price guarantee. 

Nonetheless, the Govern- 
ment now believes that It has 
convinced a sufficient num- 
ber of big foreign firms of 
the viability of the model 
and is studying ways of apply- 
ing ft to new areas of opera- 
tion. An SPO committee set 
up by Dr Ozal some months 
ago Is studying applications 
for smaller private sector in- 
vestments and even for ports 
and airports. 

It also believes that It 
should be possible to apply 
the model to leasing opera- 
tions for sectors such as tele- 
communications, with the 
Government retaining an op- 
tion to boy tbe equipment at 
the end of (he period. 


THE Turkish Government is 
making determined efforts to 
. attract foreign investment 
though the results of its efforts 
are as yet limited. 

The former obstacle course 
of bureaucratic formalities sur- 
rounding investment authorisa- 
tion has been much simplified 
by the establishment of a 
single Fo reign Investment 
Directorate (FID) as the “ one- 
stop ” point of contact for 
potential investors. 

Operating within tbe State 
Planning Organisation attached 
to the Prime Minister's office, 
the FID has access to the 
highest levels of government 
and authority to coordinate the 
various ministries affecting 
specific investment proposals. 

In addition to attacking red 
tape, the government has 
mounted energetic promotional 
campaigns, both in Turkey and 
abroad, to publicise the oppor- 
tunities and the generous fiscal 
and monetary incentives open 
to foreign investors. 

Turkey’s former inhibitions 
against foreign investment have 
been swept away by the realisa- 
tion that by itself the country 
cannot generate anything like 
sufficient capital to finance the 
ambitious growth targets which 
might one day qualify Turkey 
for membership of the 
European Community. 

In the shorter term, foreign 
investment is seen as a means 
of kilting several birds with one 
stone. Foreign companies 
bring with them modem man- 
agement methods and tech- cheapen the immediate cost of 


nology. They may well enable 
a reduction of imports through 
tiie creation of new manufactur- 
ing infrastructure, as well as 
boosting exporting capacity. 
The hope is also that they will 
provide jobs for Turkey's grow- 
ing workforce. 

Foreign capital i s notably 
being sought for the country's 
large-scale energy projects. In- 
creasing power capacity in this 
way enables Turkey to avoid 
an immediate foreign payments 
outflow, and the necessity of 
Increasing its already sizeable 
short-term debt liabilities. 

For the potential investor, 
however, there are drawbacks as 
well as advantages to Turkey. 
On the positive side, it offers a 
rich resource base and reason- 
able wage costs combined with 
a solid domestic market of some 
4&n people. Turkey is a con- 
venient location for exporting 
to the Middle East Turkish 
business is generally found to 
be entrepreneurial in its 
approach, and — perhaps most 
crucially— Turkey is Increas- 
inf&v perceived as politically 
stable. 

Yet there are bearish 
elements to be considered too, 
arising mainly out of tbe State 
of the economy. Inflation 
remains high, though It has 
been reduced so far this year 
from around 50 per cent to 
nearer 40 per cent. Interest 
rates for normal bank credit 
run to around 70-75 per cent, 
and the steep depredation of 
the Turkish tiro— though it may 


buying into Turkey — is inevit- 
ably adding to inflationary 
pressures. 

When all these factors are 
weighed the picture is of a 
country that is, as the official 
statistics show, slowly attracting 
the required foreign capital but 
is still far from achieving the 


Foreign 

investment 

DAVID RUDNICK. 


decisive breakthrough sought 
by tbe Government. 

FED figures refer to govern- 
ment authorisations rather than 
actual capital inflows. Last year, 
for example. 8271m of new in- 
vestments were approved, but 
the capital inflow was only 
around $100m. 

Allowing for this, authorisa- 
tions so far this year indicate a 
distinct upward trend; between 
December 1984 and July 1985 
foreign capital authorisations in 
Turkey rose from TL 1181m to 
TL 167bn. Two countries, 
Switzerland (with 17 per cent) 
and the U.S. (with 16 per cent) 
account for a third of all 
approved investment. Viewed 
on a sectoral basis, banking 
(with 19 per cent) and the food 
industry (with 14 per cent) 
similarly make up a third. 

The American Commercial 
Attache in Ankara, Mr George 


Knowles, is bullish about (be 
prospects. He speaks of “a 
flood of applications for invest- 
ment insurance In Turkey from 
U.S. corporations.” indicating 
that the Turks are certainly 
succeeding in attracting U.S. 
companies. 

He sees the U.S. Export- 
Import Bank’s recent move to 
lift its $200m annual ceiling on 
guarantees of commercial bank 
credits as a sure sign of con- 
fidence In Turkey. In Mr 
Knowles' view, the free market, 
liberalising policies of the Ozal 
administration have attracted 
in hundreds of companies who 
would otherwise have kept 
away. 

The investment treaty 
initialled in July between the 
UB. and Turkey does seem 
symptomatic of Ankara’s, 
serious, businesslike approach. 
The treaty should enhance 
investors’ confidence, since it 
extends statutory protection to 
their fair and non-discrimlna- 
tory treatment, giving them and 
the Turkish authorities equal 
access to arbitration In cases of 
dispute, and replacing an un- 
tidy and confusing plethora of 
ad hoc government decrees. 

The Swiss commercial 
attache. Herr Paasche, was also 
optimistic about inward Invest- 
ment prospects; but he 
emphasised that the Turks still 
have to prove they have infla- 
tion under control before they 
can expect the scale of invest- 
ment they are seeking. 

Hitherto Japan has hung back 
from any significant involve- 


ment in Turkey, but there are 
signs of Increasing Japanese 
interest. The Kcidanrcn is 
sponsoring the formation of a 
joint Turkish - Japanese 
economic commission, follow- 
ing a suggestion to that effect 
by Mr Ozal during a visit to 
Tokyo earlier this year. 

The Turkish Government is 
placing considerable hope in its 
planned free trade zones as 
poles of attraction for foreign 
investment. Four are scheduled. 
Free ports at Mersin and 
Antalya on the Mediterranean 
coast are expected to open next 
year as trading and commercial 
zones, while Nemrut near Izmir, 
and Yumurtalik near Adana are 
due to start operating some 
time in 39S7 as locations for 

export processing industries. 

It is possible that some 
potential foreign investors are 
currently holding back In 
anticipation of the free trade 
zones being set up. 

Foreign banks, which have 
already grown in number over 
the post year or so. are likely 
to be particularly attracted by 
the zones as sites for offshore 
banking unite, bur they should 
offer a suitable springboard for 
any concern aiming at Middle 
Eastern markets. 

The Turkish Government 
clearly appreciates the crucial 
role of foreign Investment In its 
overall economic strategy. If it 
arrives on the hoped-for scale, it 
will greatly ease the difficult 
and politically dangerous transi- 
tion to industrialisation that 
lies ahead. 



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TURKEY Banking: Investment: Trade 8 


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Turkey.Treasure 
of agribusiness. 


As a banker, businessman or investor with an 
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T.C. ZIRAAT BANKASI 


The oldest and the largest bank of Turkey 


L 


DAVID RUDNiCK 



j TURKISH CONTRACTORS arc 
looking to the Government's 
mass housing plan, and its 
ambitious power plant and 
transport expansion schemes to 
replace the lucrative business 
being lost in declining Middle 
Eastern markets. 


Geographical proximity, com- 
mon Islamic religion (especially 
a factor in Saudi Arabia) and 
the ability of Turkish companies 
to work on fairly tight margins 
have all contributed to the con- 
struction industry’s striking 
success in the Middle East. But 
flaggi n g oil revenues, the appar- 
ent end of the infrastructure 
boom, increasing competition — 
from Korean businesses in par- 
ticular, and worsening delays in 
payment, especially from Libya, 
have all combined to take the 
gilt off the gingerbread. 

Libya’s debt to Turkish con- 
tractors has been unofficially 
estimated at between $70Gm 
and SSOOm, and since many of 
the Turkish companies operat- 
ing there are undercapitalised 
they are vulnerable to serious 
cash-flow problems if payment 
is delayed. 

An agreement between 
Ankar a and Tripoli was, how- 
ever, finally reached In Septem- 
ber, whereby Libyan oil exports 
[ will be used to repay S400m in 
Libyan debts. Next year the 
Turks will import 4m tonnes of 
Libyan oil, lm of which will be 
used to pay contractors. 


Libya is in any case no longer 
Turkey’s biggest source of new 
construction work. Saudi Arabia 
now bolds that position, though 
price competition from Korean 
companies is becoming increas- 
ingly keen. Turkish contractors 
are not particularly optimistic 
about prospects in the Middle 
East as a whole, unless peace 
between Iran and Iraq — not 
exactly imminent — triggers an 

unexpected reconstruction 

boom. 

Some big contractors are 
therefore beginning to look 
farther afield as well as closer 
to home. Sezai Turkes Feyzi 
Akkaya (STFA), traditionally a 
trail blazer in prospecting over- 
seas markets, is vigorously pur- 
suing contracts in Malaysia, 
Indonesia and Thail and; Mr 
Haldun Ozbudak, STFA’s Over- 
seas Marketing Director, calls 
Malaysia M the Latest fad among 
international contractors. 1 * 

A problem in South-East 
Asia, according to Mr Ozbudak, 
is that many countries there 
receive loans from Japan which 
stipulate as a condition that 
Japanese companies should 
participate as partners in any 
jo int v enture schemes. 

STFA reckons to make a 
return of around 6 per cent in 
gross profit on its turnover of 
some $200m. Mr Ozbudak says 
that about 85 per cent of turn- 
over still comes from outside 
Turkey, though the company 
has suddenly taken on a bigger 
profile on the home market with 
its successful bid, as lead 
Turkish company in a con- 
sortium with Japanese and 
Italian concerns, for the con- 
tract to build the second 
Bosporus bridge and connect- 
ing highways. 

Concessionary Japanese fin* 


aoce helped the consortium to 
bid as low as 5550m, and unde* 
cut the rival bid from Enka and 
Cleveland Bridge, the UK sub- 
sidiary of Trafalgar House 
whose tender exceeded M70m 

STFA is set to cash in on the 
opport unit ies offered by the 
Government's big power plant 
and transport development pro- 
gramme. Mr Ozbudak said a 
new affiliate, called STFA 
EnerJl Montag. has been set up 
to specialise in power construc- 
tion, transmission, linos and 
telecommunications facilities. 

STFA Technological Installa- 
tions, started last year, is 
another affiliate involved in the 
company’s $l5m contract, won 
earlier this year, to build a 
Thermal power station at 
Orhaneli, near Bursa. 


Ozme. general aeeretftiy of 
Turkish Contractors' Assotia. 
tion, has so far accumulated 

TL 2SObn. 

The Government’s housing 
target— to build 200.006 hamm 
a year— is keeping suae 
Turkish, contractors busy, hut 
says Mr Ozme. It is the smaller 
firms who are mainly Interested, 
since bigger concerns like STFa 
and others are geared to larger, 
scale projects than residential 
housing: 

The Government has also m 
up a new authority, the General 
Land Directorate, which fa, 
according to Mr Otme, am. 
powered to expropriate land and 
sell it to either private or numi- 
cipal developers for Mg boosing 


projects. One such,ache»e fa 
Batlkent in Ankara, fiOtOQQ 
unit residential project.:.; 

Construction contractors, 
however, tend to be dbulAfui 
that the Government's - mass 
housing programme - witt ; be 

sufficient to keep the iodtutiy 

- working to anything like cap*, 
city, or provide an -Adequate 
stimulus to compensate the 
sector for its dwindling Middle 
East business. 

There is scepticism too in the 
industry that the sharp drop in 
the international value of the 
Turkish lira is improving «vn- 
iractors’ chances of winning 
foreign contracts. While the 
lira's devaluation might enhance 
their competitiveness in the 
short term, the domestic infla- 
tion which is at once its cause 
and effect is forcing up Sopot 
costs and thereby undermining 
long-term competitiveness. 

The construction industry, 
like many other industries 
appears to regard controlling 
inflation as ultimately the 
Government’s key policy goal. 


Power station 


Tekfen Holding Company is 
another leading Turkish con- 
tractor, but with approximately 
half of its business coming from 
within Turkey it is much more 
dependent on the home market. 
Mr Feyyaz Berker, one of 
Tekfen’s three managing 
partners, says the major worry 
nowadays is the high level of 
interest rates, which is making 
investment unduly expensive 
and limiting demand for con- 
struction companies' services. 

He pins his hopes on the 
government achieving its target 
of reducing inflation (from its 
present 40 per cent or so) to 
25 per cent is 1986. and then 
bringing interest rates down 
accordingly. 

Last year the Ozal Govern- 
ment set np a new housing 
fund, financed out of taxation, 
to try to deal with Turkey’s 
chronic housing shortage. The 
fund, according to Mr Tekln 


Hope of 


bigger 

export 

markets 


Agriculture 


DAVID RUDNICK 


ONCE SOMETHING of a Cin- 
derella sector, agriculture is 
dearly set to expand in the 
current (198539) five-year 
development plan. 

.Output is planned to grow 
by 3.6 per cent per annum, 
with the prime objective of in- 
creasing exports. The ai m is to 
increase exports of agrarian 
products as a proportion of 
[total Turkish exports from 71 
f per cent to 9.1 per cent during 
the plan period. 

By 1989, it is hoped, agri- 
cultural exports will have risen 
TL 374bn, as against 
TL 24L6bn in 1984. 

Of the 1989 total, 66.2 per 
cent should come from vege- 
table production, 27.4 per cent 
from ani m al husbandry, and the 
residue from forestry and 
fisheries. 

Within the overall agrarian 
sector, the food industry is fore- 
cast to grow by 62 per cent per 
annum over the plan period. 
Since the Turkish population is 
expected _ to increase over the 
same period at a rate of 22 per 
cent per annum, export markets 
are evidently expected to absorb 
well over half of the planned 
increase in output. 

The fruit and vegetable pro- 
cessing industry should, accord- 
ing to the plan, be the biggest 
category and account for 38 j 
per cent of total food industry 
exports. 

Turkey is among the very few 
(approximately 10) countries in 
the world which is self-sufficient 
in food, and Turkish planners 
are confident they have the 
workforce and the productive 
potential to meet the burgeon- 
ing demand for meat and pro- 
cessed foodstuffs from the 
Middle East and North Africa. 

Despite its relative decline 
as a contributor to national 
income, agriculture remains the 
largest single industry, account- 



An abundance of fruit and vegetables at the Herein market, southern Turkey 


Inputs, and, as in other sectors, 
Turkey is looking abroad for 
the investment 

The World Bank is supporting 
several irrigation and rural de- 
velopment projects, and disburs- 
ing around $lbn, according to 
Mr Rosenegger. 

Turkey has a robust surplus 
already on its agricultural 
balance of payments, and this 
is owed in no small measure to 
some enterprising exporting 
firms. 

One of the largest and most 
go-ahead is the Izmir-based 
Yasar Holding Group. With a 
total turnover of some TL 50bn, 
Vasaris interests range from 
agriculture, food processing and 
brewing to paper, paints and 
chemicals, though the group is 
paying particular attention to 
investment in agribusiness. 

Over the past few months 
Yasar have started exporting 
meat products, but for several 
years they have been exporting 
dairy products, chiefly to the 
Middle East and the Gulf but 
also to West Germany where 
they have a distribution 
company. 


bread-basket of the Middle East 
Mr Yasar is modestly self- 
deprecating about this, though 
his company and others have 
in fact carved out quite a niche 
in this area, helped by their 
common Moslem faith as well 
as geographical proximity. 

Inflation, according to Mr 
Yasar, is the greatest enemy, 
in particular rising raw 
material and energy costs. The 


coming privatisation of the 
state economic enterprises pro- 
viding these inputs is however 
viewed with Borne scepticism by 
some agricultural producers. 

While welcoming privatis- 
ation in principle, they, fear 
that the necessity of paying 
shareholders an attractive -divi- 
dend is likely, if anything, to 
raise rather than lower their 
costs. 


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(Delivery through Bills of Lading) 

: Barcelona. Marseille, Livorno, Venezia, Trieste and 
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Dual standards 


MERTRANS 

Mersin Transport A.S. 


infffor almost 20 per cent of 
GNP and over 37 oer cent of 


GNP and over 37 per cent of 
exports in 1984. 

The current development 
plan stresses the need for 
increased investment if Turkey 
is to achieve its export targets. 
According to Mr Peter Rose- 
negger of the UN's Food and 
Agricultural Organisation 
(FAO). improved cold storage 
facilities, packaging, and sorting 
equipment are among the 
greatest needs. 

In Mr Roseneggeris view, 
marketing is a crucial factor. 
Increasing crude output is no 
longer as important as improv- 
ing quality control, and achiev- 
ing more efficient standardisa- 
tion and adequate labelling to 
meet foreign — in particular 
EEC— requirements. The FAO 
is overseeing a project aimed 
at improving food control at 
sales cooperatives. 

Mr Rosenegger believes that 
more investment is also essen- 
tial, to attract the Interest of 
international consortia and mul- 
tinationals willing to embark on 
joint ventures (Unilever is one 
already in operation). Big new 
slaughterhouses and canning 
plants need large capital 


Yasaris latest project is a 
fresh fish farm, in which they 
have invested over TL ibn. Fish 
is evidently good export 
business; “even the Greeks,” 
said the deputy chairman Mr 
Selman Yasar gleefully, “are 
coming to Turkey to buy fish." 

Mr Yasar is bitter, however, 
at what he, in common with 
many other Turkish entrepren- 
eurs, sees as the dual standards 
applied by the EEC to trade 
with Turkey. | 

He says that he accepts the 
Government’s liberalisation of 
food imports, though he under- 
standably regrets the removal 
ot the former incentives (tax 
rebates, low cost loans, etc) 
offered to domestic producers 
“ after the Europeans had 
raised hell" about subsidised 
Turkish exports. 

What he finds unfair fa EEC 
farm subsidies which “ make it 
impassible for Turkish com- 
panies to compete with, for 
example, even Danish fetta 
cheese producers who can 
undercut them on export 
markets in Europe and the 
Middle East*’ 

Similarly, . he complains at 


SERVING IRAN AND IRAQ SINCE 1975 

International Transport. Shipping and Insurance Agent 
Contractor and Container Operators 
Transit, Customs Formalities, etc. 

Tour needs or problems eon be solved 
Please contact: 

MR COST ANTE/MERTRANS, 

MERSIN, TURKEY - 
■ Tdac 67)14 INTR TR/23634 GIRO TR 
Phone: (741 ) 14074 


TURKISH BRITISH CHAMBER 
OF 

COMMERCE AND INDUSTRY 

P.O.B. 581, London W5 3NF 
Tel: 01-993 6070 Telex: 935431 

Our aim is the development of 
A nglo- Turkish trade 


his own government importing 
milk powder at half the price 


milk powder at half the price 
at which they themselves pro- 
duce. One result Of this unfair 
European competition, says Mr 
Yasar, is that Turkish farmers 
are sometimes forced to 
slaughter their livestock or 3ell 
their herds to Iran or Iraq — 
an unhealthy disinvestment 
There is a certain amount of 
euphoric talk to be heard of 
Turkey soon emerging as the 


IBS A.S. 

International Business Services 


We assist the investor and trader with: 
Opportunity evaluation 
Representation . 

Project development and promotion 

David Tange Bronx Sokak 1/4 

Telephone 133 0345, 140 4715 Basari Apartment 

Telex 26789 Hiz tr Macka, Istanbul 




LC0 









4 


mm 



con- 

. sanction, machinery prodoc tom. 

of -.the- Koc :: iebupl- One group — Enka — is still 

t>u» programme was • known, as. Turkey's biggest con- 

obliged 7 ip iftcludg Mr SaMp tractor, but its industrial activi- 
SabancL if bijly for balance. ties now go well beyond that. 
Mr Abe's "career began, in It is engaged in a b an king 1 joint 




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Textiles 

DAVID RUDNICK 

TURKISH TEXTILES, 


systems are increasingly being 
installed. 

With an anneal cotton 
harvest of around half a million 
tons, Turkey has become one 
of the world’s big cotton pro- 
ducers. The production of 
cotton yarn from the domestic 


TURKISH TEXTILES, like harvest expanded so rapidly 
Japanese can and Saudi petro; during the 1970s that now about 
chemicals, -are disruptive. 8 third of total output is 
Over the past decade or so, «****« 

textile fV«rtBAm'«riq|ted oo i^erc have also been con- 

- • 1 !L ft ?^ !! ^MaSw ? 2iK5S- Arable advances in the 
big atready difficult rela tums development of artifidal fibres; 
W“b. the European Community about 10 oer cent of annual ©ro- 


jEiK® ,£5 - about 10 per cent of annual pro- 

*SPf"Ut° a lesser degree— the . aactiQn ^ cotton textiles con- 

-■ • tains viscose and polyester. 

■ . me Turkish textile industry Turkey’s aggressive export 
say -that export demand under- drive has set alarm bells ring- 


iftD PLANT 

OARD 

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—— onve nas sex aiana oeus nng- 
inns growth on me. - home fng - jjj markets. most notably in 
market. Certainly the sector is, u, B -eec^ where domestic pro- 
wtth some Jnstificatoon, seen as ^cers were already under 
a cornerstone pressure from increasing 

import penetration. In Septem- 

fi** 11 *5®. wuritforee mol ber, the European Commission 

imposed strict limits on imports 
of Turkey * export earnings. ^ riun-htnpf from Turkey after 

I ^£ df ra «*. -IS— 


an Important row m rue ^ voluntary restraint. 
Turkish economy in Ottoman J ..... ... ... 

days: by toe 1980s they were The new restrictions will bit 
supplying around SO per cent of a range of Turkish exports, 
domestic re<parements. Nowa- from T-shirts to trousera. puU- 
days the industry is undergoing wears and beihnen. Specific 
rapid transition; shuttieOess lmuts have also been drawn up 
looms are replasiiar more tra-' for Itarirish sales of underwear 




ill Si* 4 ' 


A reEabto source for 

Steel Bfflets. 


Plain and Defo nnedfietnfott^Bar^ 
Wire Rods, 

‘ “ Cofe 


QOLAKD6LUDC$TfCARETA$. 

K— My Tie** Mate d . 

IMA KufclTHCf 

■ Tfc3BMowrt3BIW«t jWW BW W r 
CM«mlMAO 


and df«6fflW % thd wpawck® 
and underwear to . West Ger- 
many and dresses to France. 

The European Commission 
said that Turkish textile exports 
to the Community had increased 
sharply - in recent months, 
threatening serious damage to 
EEC producers. They denied 
Turkish claims that the Com- 
munity was acting, in breach of 
its obligtions under the joint 
EEC-Turidsh association agree- 
ment, citing a “safeguard 1 ' 
clause in the agreement to 
justify their action. 

In addition, the EEC alleged 
that Turkish exporters were 
evading quantitative restrictions 
by selling their good s to the. 
Community via third countries. 

In 1984,' the EEC took 147m 
tonnes of textiles from Turkey, 
compared with 117m from Hong 
Kong and 115m from Portugal. 

The Turkish success attributed 
partly to the efficiency of 
their trucking distribution 
system, and the relative propin- 
quity of Western Europe com- 
pared with the vast distance of 
East Asian mark ets. 

-Turkey has had Its textiles 
problems with the UJS. too. The 
Turks had hoped in the early 
1980s that the US. market 
might offer the outlets for their 
exports which were restricted 
, by the EEC. But the US. tex- 
tile lobby turned out to be 
every bit as effective as its 
European counterparts and by 
1984 the US. Commerce 
Department was threatening to 
impose a 17 per cent tariff on 
Turkish textiles exports. 

Under pressure, the Turks to 
February 1985 signed toe sub- 
sidies code of the General 
Agreement on Tariffs and Trade 
<Gatt) and agreed to a phased 
abolition of their export subsi- 
dies to the sector. 

to return, toe Americans 
lifted their tariff threat and a 
crisis was averted, though Tur- 
kish exporters are said to be 
much more uncertain now of 
their " prospects ' of expanding 
sales in the XLSl 

Akin Tekstll is a long-estab- 
lished family concern with an 
entirely export-oriented, ready- 
to-wear clothing department 
The chairman, Mr Rostn Akin, 
is philosophical about toe 
EEC’s protectionist stance; Ins 
company, nothing daunted, will 
doable its efforts to Rad afterna* 

; trve -markets— and take away 
from EEC producers— in Soviet* 

; bloc and Third World countries. 

A different kind of business, 

^ that has moved upmarket into 
, fbe boutique-style, high fashion 
area is Vakoo, founded by Mr 
Vital! Hakko (thus the trade 
name) some 30 years ago. Until 
recently, they claim, Turkish 
fashion buyers automatically 
went abroad to buy what was 
chic each season, but now Vakko 
provide eminently acceptable 
Turkish modes. 

They associate with toe big 
TTfltneR of international haute 
couture— Cerruti. Chloe, Daniel 
Heschter — and display their col- 
lections at fashion shows in all 
the main European capitals. 


2,096 133 


0.0 1^00 



DEMIRBANK 

Established: 1953 

SERVICES 

Current Accounts 

Time Deposit Accounts 

Saving Accounts 

Corporate Lending 

Export Financing 

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HEAD OFFICE: International Dept. 

Bankalar Cad. 44:46 Karakoy 

ISTANBUL/TURKEY 

Tel: 145 60 62-149 82 00/Telex:24560 dekb tr 


- Credit tor -Investment has 
disappeared along wfto the 
buoyant -market demand which 
sustained growth in the ; 1960s 
and early 1970s, sa the big 
groups have been forced to be- 
come exporters: In 1964 Enka, 


I 


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7 * 






























Financial Times Monday November 4 19S5 


TURKEY Banking: Investment: Trade 10 


Search for alternative sources 


Existing and planned generation of power by fuel type (Gwti) 


Energy 

DAVID RUDNICK 


TURKEY FACES a potentially 
unmanageable energy deficit by 
the end of the century. The 
population of 48m is increasing 
at an annual rate of 24 per cent, 
and if the Government's am- 
bitious indostrialsation plans 
come anywhere near fruition 
the calls on energy will far ex- 
ceed Turkey’s present capacity. 

Turkey’s per capita consump- 
tion of energy is put at around 
600 kilowatt-bourn (kwh) a year, 
very much less *han that used 
by industrialised Western coun- 
tries. Installed power capacity 
at the end of 1984 was about 
7,600 megawatts (Uw), of which 
3,500 Mw were thermal and the 
balance hydroelectric. Elec- 
tricity consumption, 29bn kwh 
in 1984, is expected to rise to 
close on 200bn by the end of 
the century. 

According to the latest Tur- 
kish Central Bank report, 
priority will be given to domes- 
tic sources to meet this extra 
demand, “bat when necessary, 
preferably cheap energy will be 
imported.” 

At present, about 70 per cent 
of Turkey's total national en- 
ergy consumption is imported; 
about 7 per cent of electricity 
consumption is purchased from 
the Soviet Union and Bulgaria, 
and the hope is to tap the nat- 
ional grids of other neighbours 
over the next few years. How- 
ever, the headlong fall in the 
exchange value of the Turkish 
lira is pushing up the cost of 
importing energy, and provid- 
ing an added incentive to de- 
veloping indigenous supplies. 

In pursuing this objective, 
Turkey’s energy planners have 
given much thought to finding 
the optimum balance between 
alternative available forms of 
energy. 

In August, the Turkish Gov- 


ernment concluded an agree- 
ment to build the country’s first 
nuclear power plant at AKkuyu. 
on the Mediterranean coast, 
with a group led by Atomic 
Energy of Canada (ABCL), with 
its partners NEI Parsons of the 
UK (who will make the elec- 
trical generating equipment) 
and the Enka construction com- 
pany of Istanbul, AECL’s local 
partner. The Turkish Elec- 
tricity Authority (TEK) also 
has a minority (40 per cent) 
stake in the project. 

AECL expects the plant to 
take about six years to build, 
and is confident that the elec- 
tricity it produces will be com- 
petitive with the average cost 
o* electrical energy available in 
Turkey from other energy 
sources. 

Financing arrangements for 
the project still have to be 
finalised, tut the Under- 
secretary at the Ministry of 
Energy, Mr Ahmet Selcuk, 
hopes that negotiations will be 
complete and the deal signed 
and sealed by the end of the 
year. 

Benefits 

The nuclear option offers 
potential secondary benefits in 
the form of scientific and tech- 
nological spin-off. “Turkey,” as 
one official put it, “needs to get 
into the nuclear game now." 
But the Government is well 
aware of the thorny associated 
problems such as waste dis- 
posal, and Mr Selcuk voiced 
some scepticism about investing 
too heavily in new nuclear tech- 
nology. 

Turkey has substantial 
un exploited reserves of hard 
coal and lignite, and the latter 
looks set to play a critical role 
in the thermal electric plants 
planned or under construction. 
Total known reserves of hard 
coal are estimated at about Ibn 
tons, but proven and probable 
lignite reserves are around 8bn 
tons, though half is of rela- 
tively low calorific quality. 

Under the present (198&49) 


five-y ear* development plan, 
TEK — which Is responsible for 
the construction of thermal 
power plans — has given highest 
prority to two thermal genera- 
tion projects. 

For one, at Saray, an inter- 
national tender is expected to 
be tailed next year. For the 
other, at Karliova, TEK is 
negotiating with t he El ektrim 
company of Poland; TEK is said 
to have proposed a barter deal 
whereby the cost of the plant 
would be paid by commodity 
exports to Poland. 

Elektrim is quite experienced 
in Turkey, having already 
undertaken the installation of 
four other thermal power 
plants. 

In all, about ten thermal 
power stations with output 
totalling around 5.000 Mw are 
under construction, the largest 
being the (much-delayed) 
lignite-fired Afsin-Elfaistan A 
project in eastern Turkey. 

The first unit was finally put 
into operation earlier this year; 
the remaining three units are 
scheduled for completion in 
1986 and 1987. TEK has com- 
pleted a preliminary design 
report on the B group of this 
plant and presented it to the 
energy ministry for evaluation. 

If finally approved, it may be 
included in the 1986 investment 
programme, provided that at 
least 85 per cent of the project 
cost is met by foreign credits. 

Three foreign companies — 
Bechtel of the U.S„ Brown 
Bovezl of Switzerland, and Sea- 
pack of Australia — are negotiat- 
ing for the construction and 
operation of three 1,200 Mw 
thermal power plants designed 
to bum imported coal, and cost- 
ing an estimated $lbn each. 
Negotiations are, however, said 
to be proceeding slowly. 

The Turks would ideally 
prefer to use their own lignite 
resources, and employ their own 
companies to build their 
thermal plants, provided that 
their engineers and manage- 


ment are up to iL Apart from 
the foreign exchange savings 
involved, Turkish companies 
can produce most of the com- 
ponents (except for the really 
big turbines), and the relative 
proximity of coal reserves to 
big population centres means 
comparatively low transport 
costs. 

But hydroelectricity probably 
offers the most cost-effective 
energy investment for Turkey. 
Once fixed capital is in place, 
overheads and maintenance 
costs are relatively low, there is 
no outflow of foreign exchange, 
and hydro schemes produce 
substantial secondary benefits — 
notably increased irrigation 
resources. 


Vulnerability 


There are snags, however. 
Not only is Turkey vulnerable 
to drought (as this past summer 
has shown), but syphoning off 
the upper waters of the 
Euphrates could spell trouble 
with Turkey's downstream 
neighbours, Syria and Iraq, 
which axe, if anything, even 
more dependent on tbem for 
their irrigation needs. 

The jewel in the crown of 
Turkey's hydro development 
programme is the proposed 
2,400 Mw Ataturk dam — itself 
on the Euphrates — which, it is 
hoped, will start operating in 
1991. Other hydro projects 
scheduled for completion in the 
late 1980s include the 14300 Mw 
Karakaya dam and the 700 Mw 
Altinkaya dam. 

The Energy Under-Secretary, 
Ur Selcuk, says he favours 
expansion of the hydro sector 
most of alL At present, only 
15 per cent of Turkey's hydro 
power potential is being tapped, 
though the new plants planned 
and under construction could 
almost double generating 
capacity by the end of the 
decade. 

Oil is Turkey's Achilles’ heel; 
it provides a mere 13 per cent 
of its energy needs, and 


Turkish output has fallen to a 
mere 40,000 barrels a day. The 
former director of the state- 
owned Turkish Petroleum 
Corporation (TPAO), Mr Ismail 
Kafescioglu. says he still 
believes Turkey could one day 
become self-sufficient, though 
be admits drilling for such 
deposits as exist is technically 
difficult and financially un- 
attractive to the big oil com- 
panies. 

About 20 concerns, including 
Esso. Shell. Mobil, and Amoco, 
are exploring in Turkey, though 
few are actually exploiting 
reserves and fewer Still expect 
to make worthwhile discoveries. 

Turkey's geology is such that 
it bas a string of small-yielding 
wells whose exploitation may 
make business sense to some 
small-scale operators, bat is un- 
likely to interest tbe majors. 

With inadequate oil reserves, 
Turkey is therefore anxious to 
develop both its hydro and 
thermal resources, in eluding 
coal which the Government still 
sees, despite its polluting 
properties, as a worthwhile 
i nw ins of diversifying its energy 
usage. 

Guarantees 

The builders would receive 
a guaranteed price and a 
guaranteed market from the 
Turkish Government for their 
product, before handing it over 
to tbe Government. 

Thus, if the AECL-Jed nuclear 
power scheme goes ahead as 
expected, the project will be in 
effect a huge foreign invest- 
ment in Turkey; the consortium 
will operate the plant for 15 
years as a joint venture with 
TEK — after which it will be 
turned over to the Turkish 
Government. 

This “set-it-np, run-it, turn-it- 
over” policy, the Ozal model as 
it has come to be known, is 
expected to be followed by the 
Government in many of its 
infrastructure projects which 
require large-scale foreign 
financing. 


EXISTING 

Hydroelectric 

Lignite — , 

Coal 

Fuel oil 

Natural gas 

Gas oil 


1985 

12,262 

8,751 

562 

44*58 

131 


1986 

12,762 

8,751 

562 

4458 

131 


1987 

12,782 

8,718 

*358 

231 


1988 

12.7«S 

*713 

4.358 

131 


1989 

12.762 

8.713 

4.358 

131 


1990 

12.762 

*713 
131 


Sub-total i- 

26,024 

26,564 

25,964 

25364 

25,964 

"'*5464 

NEW 

Hydroelectric 


1,004 

!§ 

7,741 

9,663 

14474 

. 10*891 
15.757 

Lignite 

1.800 

4,504 

135 

458 

551 

T9* 

Coal - 



MR 

- 

•*** 

• • — _ 

Fuel oil 

- - 

— 

2499 

3,449 

3460 

3.690 

Natural gas 

— 

1,050 

—— 

— 

— 

— 

Sub-total 

1400 

6458 

15,203 

23.244 

28.088 

30456 

TOTAL 

Hydroelectric 

12^62 

13,766 

17.193 

20,503 

22.425 

23453 

lignite 

10,551 

13,255 

16,751 

20,309 

22487 

*6.470 

Coal 

562 

. 562 

235 

458 

551 

>255 

Fuel oil 

4,358 

4>358 

4458 

4458 ‘ 

4,358 

4458 

Natural gas 


1,050 

2,599 

3,449 

3,600. 

*4»6 

Gas oil 

131 

131 

131 

151 

131 

•'••hi 

Grand total 

27,864 

33422 

41467 

49408 

54,052 

- 58420 

l 

V 

s 

* ■ 

1 

Stan Economic EnN/prlM» tor 

Oil Co*l. BMCDlafy «ad 
HvtoaUM, 


New mining law may 
boost exports 


Minerals 

DAVID BARCHARD 


The Saudi American Bank is scheduled to open its first 
international branch on November 8th, 1985. 

This branch, which will be in Istanbul, will be the first commercial Saudi Bank in 
Turkey. 

The presence of the Saudi American Bank in Turkey would serve to make the 
financial flows between Turkey and Saudi Arabia much faster and more efficient. 
Equally important, it would serve to develop and increase the trade and investment 
flows between Turkey and the whole Region which the Saudi American Bank serves 
and represents. 

With its fully computerized operations in Turkey, the branch will be able to 
continue with Saudi American Bank’s already proven performance as one of the 
most efficient banks in Saudi Arabia, the Arab countries and the world at large. 

The Saudi American Bank is confident that the technological and managerial 
resources it is putting into Turkey will make it able to serve as the effective link for 
all business between Turkey and Saudi Arabia as well as the whole Middle East 
region. 


Saudi American Bank 


notihurnvt Cadibri 253, ILirbiye. Isunkil, Turkey 
Telex; 17 224 smhk cr, 27 226 sibk ir 




Saudi American Hank is a icum Stuck Company with fully paid-up 
capital of SR 300 Milium. CR. So 353 ty. Headquarters in Riyadh. 


LAST YEAR Turkey exported 
8290m worth of minerals. Tbe 
sector is clearly in the 
doldrums and efforts by tbe 
state-owned Etibnnk which 
dominates it to find foreign 
partners have not been a big 
success. 

Eitbank has one large pro- 
ject, at Cayeli on the Black 
Sea. There it has set up a 
joint venture with Phelps 
Dodge and a Turkish private 
corporation, Gama Endustri, to 
mine a variety of metal ores 
and is about to implement a 
second venture at fieypazari, 
near Ankara, to produce salt 
ash with FMC. 

But investment has been dis- 
appointing. One venture — with 
Pelligrini of Italy— to quarry 
marble for export seems to 
have quietly folded. Etibank’s 
hopes of finding major partners 
for aluminium production have 
also been disappointed. 

Last s umm er, however, the 
Government published the 
second major revision . of 
mining legislation in less than 
four ?ears. The hope- is that 
it will sweep away many of 
the bureaucratic and practical 
restrictions of the past and en- 
courage both local and foreign 
private investment in Turkish 

m ining . 

Among the changes are the 
freeing of all minerals, includ 
ing some strategic minerals 
previously reserved for tbe 
state, for private prospecting 
and exploitation: the abolition 
of a royalty system based on 
tonnage and the introduction 
of one based on profit; the set- 
ting up of a mining fund to 
make some money available for 
investment finance (though the 
Government makes it clear that 
it is Interested mainly in large- 
scale prospectors) ; and the 
easing of formalities. 


wolfram mining os Uludag. 
near Bursa, where surveying 
was carried out 40 years ago 
and tiie end-product is still 
vestigial, largely because de- 
posits proved to have much 
less wolfram than expected. 

With boron the outlook is 
much brighter. Turkey has 60 
per cent of world reserves of 
this mineral and deposits in the 
UJS. face eventual depletion. 
The salt ash deposits (used in 
glass manufacture) are less 
important in global terms, 
ranking after those of Wyoming 
and Kenya, but they still 
amount to 100m tons. There are 
also substantial deposits of 
chromite. 

Everyone in Turkish mining, 
whether in the Etibank or the 
Union of Mining Exporters or 
private consultants, agrees that 
mineral exports could easily be 
doubled and perhaps trebled. 
Lack of capital and government 
attention are cited as the two 
main problems. 

“ industry and agriculture 
are well organised In Turkey,” 
says one Istanbul businessman. 

They have big pressure 
groups behind them which 
make claims on the Govern- 
ment’s attention. That isn't so 


with mining. The result is that 
it has had much less than hs 
share of attention and invest- 
ment-” 

Although mineral deposits 
have been fairly systematically 
surveyed over the past 40 years 
by the state prospecting agency, 
MTA, regarded as one of the 
country’s most efficient govern- 
mental agencies. Turkey is big 
enough and geographically 
varied enough to hold out hope 
of some worthwhile discoveries, 
though mining engineers do not 
expect them to be sensational. 
The Turks would be glad of 
further deposits of iron ore or 
carbonated zinc ores were 
found- 

Etibank is essential to the 
development of the sector. It 
has been run since the a ur 
1980s, by Air Muammar Qcti, 
who was in charge duriag a 
period when it was beg&ttdnjt 
to seek foreign partners. ; 

Recently Etibank began 
examining Its own structure. 
It has even made a study of 
the possibility of privatising 
itself and submitted it to tbe 
SPO for consideration. It is 
believed to be the first major 
agency in Turkey to take this 
step. 


Swept away 


Most welcome of all, some 
anomalies which deterred in- 
vestors in Turkey— particularly 
a provision whereby two pros- 
pectors could have licences to 
exploit different minerals on 
tiie same land— have been 
swept away. 

Will these incentives prove 
attractive enough for private 
investors? So far Turkey’s 
major industrial groups have 
not paid much attention to the 
mining sector, with the excep- 
tion of the Koc Group. Foreign 
companies have been deterred 
by adverse business conditions 
and a certain amount of xeno- 
phobia. 

During the 1970s the mining 
sector was often singled out by 
the Left as an area where 
foreign penetration had to be 
resisted and in 2978 the 
Ecevit Government nationalised 
mining. The resultant fall in 
output has taken several years 
to put right The move seems 
mainly to have benefited a 
large number of small private 
mining companies which have 
since resisted moves to re- 
privatise tbem. 

Some 9206m of Turkey’s 
5290m mineral exports last year 
were carried out by tbe Etibank 
(state mineral agency), a vast 
conglomerate dating from tbe 
1930s. Last year the bank 
made a TL 70bn profit This 
came from its operations in 
boron (of which It currently 
has a monopoly), ferrochrome 
and banking. It showed sub- 
stantial losses on its copper, 
mercury, wolfram and seilite 
operations. 

If claims to be not much 
affected by the depressed 
world market for minerals 
since it has relatively little 
money invested in copper and 
aluminium extraction. 

Boron — nationalised in the 
early 2970s but now open to 
new private sector ventures — 
(and salt ash are its main tnoney- 
Ispinners. Etibank has had 
some notable reverses in other 
areas, notably sheilite and 


jrjL h '• -s' 



Amdahl Bankasi is tbe only commercial bank 
with 25 tdEoa TL capital, owned by 
Turkish Treasury itself. Our international 
connections and contacts in the Middle East, 
Europe and America are extensive and 
growing. We have representative offices 
in Frankfurt, Paris, Rotterdam and Jeddah. 

Anadohi Bankasi has a great potential to 

issue letters of guarantee towards 
tendering departments in 
Tbe Ki n gdom of Saudi Arabia. 

It is our motto "to bade Turkish 

Exporters and Contractors”. 


ft* ANADOUJ 
^7 BANKASI 


‘Backing Turkish Exporters and Contractors” 

JEDDAH 


HEAD OFFICE 

Buyufcdere Caddesl 

REPRESENTATIVE 

34 bis me wgnon 73« 

Teteic Anew 641283 1 
T«; 1-2680883 

ROTTERDAM 

ssnsss: s? ftoawam 

TWr 10-133337 


Senior A tfvMor 
Nubian Canoanur 
fQ Boa. 8294 
MfMbflraaK 
JEDOAH-21413 
T«le< 403176 Aren 1 
Tel 2-6004709/2-1 
MAHMHEIM 

Tele* 4624S6 locM-d 
T<1. «1 -13063/821-1306* 


’*6604064 






■— .. wJ>- 


( 






r 4 


^S5 


Financial Times Monday November 4 1985 


X, 


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TURKEY Banking: Investment: Trade 11 


The sector 
receives 

higher funding 



au.p, 

0.-. •% "x* # i 


Transport 

DAVID RUDN1CK 


THE CLICHE that Turkey is a 
Jmdffl between Europe and the 
.’Middle East has particular rele- 
vance today, with Turkey's poll- 
2 ttcal stability -and neutrality in 
tJieGulf war enhancing its 

- infractions as a transit land. 

i According to the Turkish 
Transport Association. the 
■transport and. communications 
sector will absorb S3 per cent of 
the 19SS investment budget, as 
.against 24 per cent in 1985. This 
means that the sector will re- 
ceive the largest allocation o£ 
funds, for the first time replac- 
ing the energy sector whose de- 
velopment the Government 
hopes to see partly financed by 
-.more foreign-investments. 

The Government’s ten-year 
transport Masterplan, intro- 
duced in 1882 and now under- 
going its first' three-year revi- 
; stun, envisages an ambitious 
^.-programme of modernisation 
-.and expand on of port facilities 
and transit road and rail routes. 

. By the Government hopes 
to have a double-lane motorway 
. funning- eXL the way ■ from 
the Bulgarian border through 
' Ankara and Adana to Iskende- 
fun, near the Syrian border. 

All the state highways and 
. 70 per cent of urban roads are 
to be asphalted, and 11,200 
' kilometres of road are to be 
upgraded ' to take heavy 
vehicles. The second Bosporus 
. bridge will form an integral 
part of the proposed new 
.. motorway system. 

Pari: neglect of investment in 
transport and communications, 

■ and Hie size of the investments 
■' required make the Masterplan's 
' targets look unrealistic to many 

■ seasoned observers, hut some 
progress Is already in evidence. 

Capacity at transit trade 
ports, like Merstn and Xskend- 

- erun on the Mediterranean, and 

- Samson and Trabzon on the 
Black Sea . has been enlarged, 
and. mote modern cargo hand- 
ling equipment Installed, 
especially for containers. 


With the help of the World 
Bank, the Government is also 
set to improve all the main 
East-West land trade routes; It 
is * hoping for Kuwaiti aid 
specifically to upgrade the road 
from Versin to the Iraqi border 
and speed up freight delivery 
to and from Iraq. 

Road hauliers have certainly 
benefited from the boom in 
transit trade linWag Europe 
with Iran and Iraq, though 
business has perceptibly • lev- 
elled off of late as the ewavM^ai 
reserves of both Gulf protagon- 
ists have dwindled, and they 
Incr easi ngly cut down on their 
imports. 

According to Mr Ml that Kunt 
of TYanst&ric Holding Group, 90 
per cent of whose $20m turn- 
over comes from transit trade, 
there are still some big con- 
tracts around and his 
company’s revenues are holding 
up because much of the 
merchandise they deliver to 
Iras and Iraq, like water and 
sewage pipes, are in inelastic 
demand. 

Consignments 

Mr Kunt . says European 
companies have on the whole 
lost more trade there than 
Turkish companies, so Trans- 
tttrk la now carrying fewer 
consignments .through from 
Europe. Mr Kunt, like many 
others, is confident however 
that when the Gulf war finally 
ends, this business will boom 
again on the back of demand 
for the transport of recon- 
struction materials. 

In tile meantime, the Govern- 
ment’s proposed development of 
four free-trade zones should add 
appreciably to Turkey’s transit 
trade, estimated by the Turkish 
Transport Association to have 
been worth around 3730m last 
year. 

According to the association, 
a total of 5.1m tons of inter- 
national freight were carried on 
Turkish vehicles, and $247m 
earned in foreign currency dur- 
ing the first half of 1985. 

The Turkish railway system 
has not benefited to anything 
like the same extent; since it 
has been hampered by poor line 




* . 54? € 

-V t' , k-. 




A moimtirimma road near Bergama, typical of the transit route heavy lorries have to take 


Public Investment on Transportation 



capacity, insufficient and out- 
moded rolling stock and 
inadequate signalling. But 
improvements are on the way 
with the Government’s 3725m 
modernisation programme. 

One proposed project is to 
build a light rail transit system 
far Istanbul; a joint venture of 
the Swedish concern ASEA and 
the Turkish firm Yapi Merkezi 
has won a $77m contract to con- 
struct the first stage. 

Turkey’s merchant shippers 
have also benefited from 
Turkey’s increased international 


transit trade, particularly with 
Iraq and Iran which is reckoned 
to be worth around 3600m. As 
with the road hauliers, business 
may have flattened out but It 
remains steady. 

The Government is anxious to 
see as much as possible of 
Turkey’s growing trade carried 
on nationally registered ships; 
four years ago some 75 per cent 
was accounted for by foreign 
carriers, representing an out- 
flow of around 3500m per 
annum. 

To remedy this, easier credit 


and relief on freight charges 
were introduced; as a result of 
these incentives the Turkish 
merchant fleet has more than 
doubled from 2.5m dwt to over 
5m dwt. 

The Government hopes that 
by 1993 at least 60 per cent of 
all trade going through Turkish 
ports will be in nationally 
registered ships, and that the 
fleet by then will amount to 
7.4m dwt. or nearly 1,000 
vessels. 

The Masterplan's projections 
of Turkish foreign trade into 
the next decade suggest that 
the fleet indeed needs to be 
expanded if Turkey's freight 
bill is to be kept within bounds. 
By 1993, according to the 
Masterplan, imports of dry and 
liquid bulk goods are expected 
to rise to 372m tonnes (9.94 in 
1981) exports similarly to reach 
13.6m tonnes ( 1.6 In 1981). 

Mr Pekin Baran, president 
of the Istanbul shipping com- 
pany DenizciUfc, has little doubt 
that the funds expended by the 
Government, through incen- 
tives to build up the fleet 
between 1980 and 1984, have 
proved a worthwhile invest- 
ment in saving a disproportion- 
ate amount of foreign exchange. 

He quotes figures from the 
Istanbul Chamber of Shipping 
which show that the' 3387m 
spent over the period by the 
Government resulted in incre- 
mental foreign exchange earn- 
ings of $1.95tm. 


Turkey’s leading financial intermediary 
and development institution 



State Investment Bank 
(Devlet Yatirim Bankasi) 

Tempting to collaborate 

+ Generating cooperation and coordination among national and inter- 
national finance institutions, money and capital markets. 

^ Granting long-term investment credits to Public Economic Enterprises 
(PEEs). 

if Providing technical assistance through research and training 
programmes. 

if Finding new investment areas and channelling resources to these areas. 

SIB (DYB) AN ESTABLISHED COMPETENCE 
IN DOMESTIC AND INTERNATIONAL INVESTMENT 

BANKING 

ORIGINALITY SIB the sole institution granting long-term credits to the 
PEEs which have a considerable impact on the operation 
of Turkish Economy. 

EXPERIENCE The specialized bank, SIB, with over 20 years of experi- 
ence in intrinsic candidate to leadership in large-scale 
investment financing. 

CONFIDENCE Since 1964, SIB allocating funds to the PEEs* investment 
projects related to the major sector of economy. 

RELIABILITY SIB pursuing an intellectual mission while contributing 
to the nationwide training of public project personnel 
in Turkey. 

SIB SET OUT FOR LEADERSHIP IN LARGE 
SCALE INVESTMENT FINANCING 

STATE INVESTMENT BANK 

General Directorate 

Mill! Mudafaa Caddesi No. 20. Ankara, Turkey 

Telephone: (90) (41) $30190 Telex: 42606 DYB TR 



over 


industrial relations 


Labour 

PAV]l££*fK»fAM> 


THE .MAIN Istanbul office of 
the country’s Hggest labour 
confederation, Turk Is, is in a 
quiet flat in, one of the smartest 
areas of the city and it helps 
to- convey the impression that 
industrial relations in Turkey 
are still on the back burner. 

Since 1980 much of Industrial 
relations has been affected by 
martial law. This . is still in 
force in Istanbul, and the other 
important centres where it has 
been lifted are mostly under a 
formal “state of emergency-” 
But Mr Sevket YUmaz, presi- 
dent of Turk Is. which has an 
estimated U2m members out of 
a total workforce of 18m, has 
confronted • the - Government 
with demands for big wage in- 
creases. 

So far he has not bad much 
success. Wage increases have 
been held well below the 53 per 
cent Inflation of 1984, with a 
Government target of 23 per 
cent -for 1985.- In many sectors 
collective bargaining is carried 
out before panels of judges who 
arbitrate between unions and 
employers. ]fr Yihaax has 
several times gone Into meet- 
ings armed with Government 
promises that there would be 
trouble if there were no bigin- 
crea scc ■only to leave- with 
little to show his members. . 


Two factors seem to be at 
work. First, the Government’s 
economic strategy cannot allow 
a wage explosion. Many em- 
ployers seem to feel that wage 
increases are being held back 
..and are not an important con- 
tribution to inflation. The 
.OECD annual report on 
Turkey, however, cites some 
private sector pay increases of 
80 per cent or more last year 
as a danger signal. 

Secondly, even if he did not 
already have problems with in- 
flation, Mr Ozal is well aware 
that an abundance of cheap 
and relatively skilled labour is 
one' advantage that Turkey 
enjoys in trying to woo foreign 
investors. 

During his visit to Japan 
earlier this year the Prime 
Miniii^ff pointed this out — and 
got a mixed reaction in the 
Turkish Press- There has also 
been criticism of proposals to 
hold down wages and make 
strikes illegal in the free trade 
zones to be set up next year. 

In any event, as Turk Is offi- 
cials such as Mr Vahap Guvenc 
ma) ce clear, the legal restric- 
tions on trade unionism 
severely limit their options. 
Since: 1982 and 1983 unionism 
)«« been curbed by constitu- 
tional and legal restraints 
which Mr Yftmaz would prob- 
ably like to change. But he has 
little chance of doing so. 

The more militant unions of 
the 1970s have in any event 
been subdued by more drastic 
means. About 2,000 officials of 
the radical Leftwing confede- 


ration Disk are on tidal, many 
of them facing the theoretical 
possibility of a death sentence. 
All are currently out of prison, 
according to lir Guvenc, who 
rejects allegations that some of 
them were tortured. 

“I have friends among them 
and I asked them about it,” he 
says. “They said they were 
not tortured.” But Disk is in 
retreat" at least for the foresee- 
able future. 

Turk Is has so far conducted 
a few strikes. One last year 
was in a small dockyard, 
Another is now under way at 
United German Pharmaceuti- 
cals, an Istanbul based com- 
pany. The Government has 
allowed the company to import 
the products it can no longer 
make, thus causing the strike 
to be more painful than it 
might otherwise be, according 
to Mr Guvenc. 


Loyal 


HURSEL 

Do you want your company 
to be represented in Turkey ? 

sms 

To Jmmctt.ni m«l« your product, 
in Tu&y and Middle East countries. 


mtrMl AS. Piverloti Cad. Dizdariye Madras* Sob 

Bflisel A * S * ^XkGalip Dur usel I s Hani No. 2 Cemberiitas, 
Istanbul, TURKEY 
Tel:. 528 50 45, 528 82 66 
Trier: 28300 dnr tr 
(^We:Durulax>3STANBIJIt. 

_ j, nirtrr ir TT lpluffitA Road, London, NW5, ENGLAND. 

BrtBdi Ott'W’-gjYWliM Telex: 261426 adfone 0 

— ZolJfreilager. Albisriedea, JBhH* L Kahinc 
203-209. 8043 Zurich, SWlTaffiLAND- 
Tel: 491 80 52, Telex: £22541 dur ch 

102 Madison Avenue, 9th Floor, New York, 

426820 dec 

—500 Fifth Avenue, Suite 1021. New York, 
?eu ffl°lK» 225649 hur ur 


The climate for m il i ta ncy 
r emains however. Many of the 
plants were manned by Disk 
unions (the- confederation had 
about 400,000 members mostly 
in advanced sectors) but they 
have not joined new unions 
and remain unrepresented. The 
implication must be. says the 
owner of an Istanbul textiles 
factory which falls into this 
category, “that they are stay- 
ing loyal to Disk and hope to 
revive its activities when they 
can.” 

Some important industries 
are still without their own 
unions, perhaps for similar 
reasons. Workers at the Vestel 
Ferguson electronics, plant near 
Manisa, for example, belong to 
no union. Although the 
management hopes that its 
facilities will be attractive 
enough to prevent its workers 
looking to the unions it Is not 
clear that this win always be 
successful. 

Meanwhile, two oth er con- 
federations are Wing with 
Turk Is. - Both were once 
affiliated to Right-wing pro- 
coup political parties — though 
the new onion law prevents any 
political links- One is Hak ls, 
an TvIsmic movement which, 
some has been infiltrated 
by Disk. The other is Misk, 
formerly the labour wing of the 
ultra-right-wing Nationalist 
Action Party. Unexpectedly, it 
was allowed to reorganise 
about a year ago. 

Both confederations prob- 
ably have fewer than 100,000 
members and are hampered by 
restrictions which compel them 
to have more than 10 per cent 
of the workforce in a parti- 
cular sector before they can 
become eligible to cany out 
collective bargaining. 







f 


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A FRIEND KThj t t ? 





f 


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4 

•i 

•j 


xn 


Financial Times Monday November 4 1985 


Yasar Holding Corporation 
“ Prepares today 
for a better tomorrow” 

Ya$ar Holding... The forerunner of the economy. 


As the organization that best knows 
how to pinpoint Turkey's economic 
needs and rationally approach their 
fulfillment in the creation o( services 
and products. Yasar Holding stands 
at the forefront of the Turkish 
economy. The first Turkish paint 
factory, the first private sector 
brewery, the first sterilized milk 
plant, the first integrated meat and 
animal-feed plant, the first 


t 000-bed tourism facilities in Turkey' 
all came from Ya$ar Holding. 
Believing that Turkey s economic 
future lies primarily in the agro 
industry. Ya^ar Holding has invested 
heavily there, with further 
involvement in such diverse areas as 
bant- mg and insurance, conslruction, 
machinery and equipment, chemical 
fertilizers, canning, transport, travel 
and tourism. 




MEXSAR HOLDING CORPORATION 

“The Most Creative and Comprehensive Company of Turkey" 

$ehit Fethibey Cad. .120 iZMiRffURKEY Telephone: 122200 (10 lines) Telex: S2203 ysar tr. 


t here Is 

An Important Reason For You 
To Be Involved 
With Turkey : Esbank 



When you become involved with 
a country you need 
a modern bank which treats 
>roblems with sensitivity, 
ten you look for such 
a bank in Turkey, 

Esbank is an address you can trust. 


your^n: 


ESBANK 


Contact: Pulat AkQin 
Istanbul: Beyoglu, Istiklal Cad. No: 361/365 
Telefon: 1434117 1434118 14400S0 
Telex: 24535 eses tr. 


TURKEY Banking: Investment: Trade 12 

Prime Minister Ozal gives his views on the economy, relations with the European. 
Co mm unity., and human rights in his written replies to. a . wide-ranging series of 

questions put by David Barchard 


Question: Are you satisfied with 
the progress of the Turkish, 
economy in 1965? Are you wor- 
ried that inflation remains 
above target levels while 
growth seems to be slowing 
down? 

Answer: The performance of 
the Turkish economy in 1985 
had been better than we ex- 
pected. In the beginning of the 
year, we bad the courage to 
Implement the Value Added 
Tax System. This new tax 
caused a considerable jump in 
the inflation rate, which created 
a problem in meeting the 
target. 

Because we did not allow the 
inventories left over from 1984 
to be excluded from the VAT, 
the first estimate of GNF 
growth came out lower than it 
actually was. Industry under- 
declared production to make up 
for the new tax payments. This 
under-declaration was spotted 
through power consumption. 
The increase in electricity con- 
sumption by industry in 1984 
and 1985 was close to 12 per 
cent. 

The increase in production 
should be Identical with this 
figure as it was last year. Thus, 
there is no slowdown in growth 
in real terms. This will show up 
In the second and third esti- 
mates of growth rate. 

The other good development 
is the acceleration in exports. 

The export credit system in 
1985 is completely different 
from 1984. For the first time. 
Turkish exporters are faced 
with the real interest rates in 
export loans. This created a 
certain hesitation which ended 
in a slight stagnation in exports 
in the first months of this year. 
Once the exporters realised that 
they could still work with the 
real interest rates, exports 
started to pick up. 

Tourism revenue is nearing 
$1.5bn this year, Workers’ 
remittances are also above 
last year’s level. Best of all 
is that the budget deficit is 
turning out to be much smaller 
than predicted, due to the 
increase in tax collection. With 
the aid of the tax rebate scheme, 
VAT has produced fruitful 
results in reducing tax evasion. 
For the first time tax income 
has surpassed the budget 
estimate. 

Q: Your policies are frequently 
criticised for their social costs. 
How severe do you think social 
problems such as unemployment 
are in Turkey? Is there any risk 
of their becoming unmanage- 
able? 

A: There is a misunderstanding 
about our policies. In no year 



4 One of our major 
aims is to taekle the 
housing shortage. We 
plan to provide 200,000 
homes per year. 9 


since these policies began has 
growth rate been slow. It has 
never gone below 4 per cent. 
We consistently had one of die 
highest growth rates in the 
Organisation for European 
Co-operation and Development. 
Our growth rates had also been 
higher than the socialist coun- 
tries in southern Europe. We 
have never laid off a single 
public sector employee solely to 
benefit efficiency and we are 
trying to develop more humane 
methods to improve efficiency 
and productivity. 

One of our major alms is to 
tackle the housing shortage. 
We plan to provide at least 
200,000 homes per year. This 
was an incredible problem in 
Turkey before we came to 
power. 

There are no wage freezes in 
our austeriy programme. Even 
though we have reduced sub- 
sidies in general, we have also 
introduced them, specifically in 
the form of income tax refund. 
Our social policy is to give 
subsidy only to the needy. 
Therefore there is no across- 
the-board costly 
programmes. 

Starting next year, we will 
implement a programme of 
food assistance to pregnant 
women and to the newborn to 
eradicate malnutrition. In the 
same way we supported a more 
balanced diet for children at 
school. 

Less developed regions of 
Turkey have been given prior- 
ity. AH villages in these regions 
will have electricity by the end 
of 1987. Many provinces will 
also have automatic telephone 
connections down to the villages 
by 1988. 

As long as the growth con- 
tinues. and balance of payments 
picture is healthy, we do not 
see Turkey falling into the same 
problems as she did before 
1980. Healthy growth, low 
inflation will bring further 
prosperity and improve the 
welfare of the people. 

Q: Are you satisfied with the 
volume of foreign investment 
so far this year in Turkey? 

A: Foreign investment develops 
gradually. Looking at the experi- 
ences of all other countries, we 
see that it flows in a slow bur 
steady rate. There are usually 
no sudden jumps. 

There is an enormous interest 
in Turkey by many investors. 
By the end of 1985 and in 1986, 
we expect good development in 
many large projects which will 
change the attitudes of hesitant 
investors positively. 


Mr Tnrgnt Ozal, Prime Minister: Turkey has been 
undertaking a more intelligent borrowing strategy 

growing market in the Middle country is the fastest growing 

market in the region. It is not 
hard to imagine that the Com- 
munity would have many 
advantages joining with 
Turkey and in turn, Turkey 
would also benefit from enter- 
ing the Community- The main 
difficulty between Turkey and 
the Community is the lack of 
dialogue. With improved 
dialogue, my belief is that the 
hard feelings between us would 
completely be removed. 

Q: How do you see the human 
rights situation in Turkey 
today? Is there any change 
from a year or two ago? How 
do you regard some of the 
claims which are being made 
by opposition parliamentarians? 
A: The main task of this 
Government is to restore and 
institutionalise democracy. We 
are very sensitive' over 'the 
human rights Issue. The courts 
are independent, and they 
follow duly all oases of human . 
rights violations. Any claim 
which is made, should first be 
taken to Die Turkish courts. 

- If wo - action is- produced or 
if any prejudicial decision is 
taken by the court theu the 
matter should be taken to the 
Parliament The violators o£ 
human rights should first be 
handled by the courts. We have 
confidence that Turkish courts 
will behave justly In dealing 
out penalties to these violators. 

Turkey has been through 
very tragic period of anarchy 
and terrorism. If another Euro- 
pean country had gone through 
the same type of anarchy and 
terrorism, we would wonder 
what reactions would be pro- 
duced In. the public opinion of 
those countries. I watch with 
amazement a European country 
that is troubled by a terrorist 
group and treats the people of 
a certain nationality with utmost 
disregard for the law. I heard 
that people of that certain 
nationality could be deported 


East with the added advantage 
of having access to the most 
interesting markets of the 
world; that is, the Socialist 
Block, the Middle East and the 
Co mm on Market 

We also have the hardest 
working skilled labour force, 
and a good work- ethic. It is a 
very dynamic operational base. 
Q: Which sectors do you see as 
the most promising for the 
Turkish economy in the medium 
and long term? What steps are 
taken to encourage them?. 

A: Turkey has the potential of 
being competitive in both high 
and low technology areas. We 
have highly trained manpower 
In every area. Starting from 
agro-industry, tourism, light 
manufacture, textiles, heavy 
manufacture (of buses, trucks, 
construction machinery), petro- 
chemicals, even electronics, we 
can easily compete in Die world 
markets. 

There is a liberal incentive 
system in operation today. In- 
vestors, In addition to the Inher- 
ent advantages of a large m arket 
and a good labour force, also 
have many tax and export 
advantages. 

Q: Turkey’s external payments 
have enjoyed a remarkable re- 
covery over the last few years, 
but it looks as If some degree 
of balance of payments sup- 
port, probably in the form of 
loans from the commercial 
banks, will be necessary for the 
years to come. Can you say 
something about how much 
Turkey Is likely to seek 
from the international money 
markets in 19% and be- 
yond? Is there any prospect 
of the current account balanc- 
ing or showing a surplus in the 
medium term and sooner? 

A: Turkey’s balance - of pay- 
ments has improved steadily 
during the last six years. In 
fact, it should be remembered 
that, when we needed debt re- 


Q: You have been suggesting 
that the clause of the CbUstita- 
tion (No. 84) which - permits 
deputies to change from one 
party to another should be 
lifted temporarily? Why is 
this? Why are you in favour of 
doing this only temporarily? 
Surely you either have such 
restrictions or you do not? 

A: As you know the Mother- 
land Party, despite the opposi- 
tion of the other parties in the 
Parliament, allowed the parties 
out of the Parliament to take 
part in the local elections. This 
was the best, proof <of our com- 
mitment to. democracy,,..: 

The number of people left 
in. Turkish prisons from the 
period of . anarchy . is around 
10,000, considering that more 
than ■ .5.000: people "were wiled 
and' 20,000 wbusdetL this, is a 
small number: In judging our 
situation, one • should consider 

the painful events we went 
through. If the. same - thing * 
have happened .in any other' 
European country, indications 
show that their reactions would 
not have been different . 

Q. Earlier this -year, it was"- 
suggested that if Greece did-not 
respond to the "Olive. Branch'* 
you were offering, then Turkey 
might make various, gestures 
(such as preventing Turkish 
cargoes from travelling oh 
Greek ships) to show its dis- 
appointment Are these 
measures still contemplated? 

A. Turkish public opinion Is 
greatly frustrated because of 
Greek Indifference .to Turkish' 
gestures. The presence' of ten- 
sion between two countries is 
not helping the development of 
either. In the long run the 
tension has to be decreased for 
the benefit of the two countries. 

We hope that the . common 
sense of the Greek people' will 
outweigh and see the advantage 
of forming a , meaningful 
dialogue with. Turkey.'. Our sin- 
cere wish Is to .develop good 
political, economic and cultural 
relations with Greece. ••'.* . 

In fact, we changed the Elec- 
tion Law to let these .parties 
enter the local elections.. The 
November 6 1988 .General 
Elections were - not in 
our control, therefore, it was 
not in our power to allow par- 
ties other than those three, to 
take part in that election. But 
we feel that there is an uneasy ., 
situation because of some par- 
ties not being represented in 
Parliament We want to remove 
this discomfort by allowing the 
outside parties to be represen- 
ted. , ,- . . j-* 


. Q— The Turkish Press • has 
.been talking of the dangers of 
an' extremist religious revival. 
How do you view these claims? 

A— Turkey is a secular, state. 
Secularism is a state policy and 
a prized possession of the Tur- 
kish Republic. 

No force can harm the 
Secularism that has been insti- 
tutionalised in this country 
since the beginning of tbc 
Republic. 

Q — What role do you think 
economic relations with Japan 
pan have for Turkey? ■ Are 
these in any sense an ' alter- 
native to relations with Europe? 

A — Turkey is a rapidly deve- 
loping market. Of course the 
countries who try harder will 
have a better chance of -develop- 
ing good relations^ Turkey is 
the best partner in the region 
for any country to cooperate 
with. We see not only Japanese 
investment coming, bur also an 
upsurge in European invest- 
ment- We welcome all types of 


Kin. terms of foreign 
investment, Turkey is 
the . largest Middle 
' Eastern market 9 


investment In Turkey by our 
European partners. 

Q — The next elections are due 
in Turkey by 1988. What would 
you tike to achieve between 
. now and then ? And is there 
any possibility of elections being 
held earlier than that ? 

A — As we have said, reducing 
inflation will be the primary tar- 
get. By 1988, the housing sector 
will have a tremendous growth 
iand total numbers of housing 
units completed will surpass 
600,000. The goal Is to approach 
'800.000 units by then. ' 

There will be no village left 
without electricity. The second 
Bosphorus bridge will be com- 
pleted. The water problem of 
big cities will be totally solved. 
- The infrastructure of the 
metropolis especially that of the 
slums. will be completed to a 
■great; extent Employment 
generation, especially in South 
and East Anatolia wil be reach- 
ing levels; which will avoid fur- 
ther migration .to. the West 
Growth rates will be over the 
7 per cent mark which will be a 
healthy sign of developing 
Turkey. 


schedulings in 1980, everybody from tl3e capital of that country 
was doubtful of our ability without any reason. 


We also have to consider that 
this European country did not 
even experience one thousandth 
of the terrorism that Turkey 
had faced. So, the condition of 


to repay. Since then, exports 
have quadrupled and tourism 
ear nin gs have quintupled. Mak- 
ing debt repayments now is a 
very easy task for the Turkish 
economy. 

Turkey has also been under- 
taking a more intelligent 
borrowing strategy. With heavy 
emphasis on privatisation, this 
assures that no unfeasible pro- 
ject will be financed through 
foreign borrowing, which is also 
an assurance for the long-term 
debt repayment 

oihsiHir MaQ y companies are preparing Turkey is right now exemplary 
y ' already to build power stations considering wbatwouldhave 
using imported coal. Thus, pro- 


6 Healthy growth and 
low inflation will bring 
further prosperity. 9 . 


spect of current account balanc- 
ing and showing a surplus in 
the medium term is not a dis- 
tant possibility. 

Q: Do you foresee any scaling 
down of the present fairly high 
tariff barriers on many imports 
in 1986 or the following years? 
A: _ The present liberalisation 
policy of Turkey is a self- 
imposed one. We aim to open 
up the Turkish economy to out- 
side competition, and prepare 
for the eventual entry to the 
European Common Market. The 
scale of liberalisation is 
adjusted at a rate which the 
Turkish industry can stand. 

There are not many high 
tariff barriers in our import 
list: Each year, these barriers 
are brought down, by five 'to 
ten points, depending . on 
whether It Is a raw material or 
manufactured good. 

Q- Many people in the outside 
world are surprised at the hard 
feelings which seem to exist 
between Turkey and the Euro- 
pean Community. Do you feel 
that relations have become so 
intractable over several areas 
(e.g. textile export restric- 
tions or debates over human 
rights) that even if Turkey does 
not turn its back on the Com- 
munity, as sections of the 
Turkish press have been 
suggesting, an application for a 
full membership is hard to 
Imagine? 


In terms of foreign invest- A: Turkey is an associate mem- 
men t. Turkey is the largest her of the Community. Turkey 
market in the Middle East and aims to apply for full member- 
potenciauy the most rapidly ship to the Community. Our 


happened in a similar case in 
a European country. European 
reaction to terrorism is much 
harsher than Turkey’s as the 
examples have shown. In one 
other European country, the 
suicide rate of the terrorists in 
prisons was very high. 

The duty of this Government 
is to heal the wounds inflicted 
in -the period of anarchy and 
terrorism; preferably to per- 
form a plastic operation to 
remove the scar.' • 

Q: Turkey does not seem to 
have received very much satisr 
faction from the Bulgarian 
Government after- its protests 
that the large Turkish minority 
in that country is being haras- 
sed, forced to ■ change- its 
religious and cultural identity, 
and that some ethnic Turks may 
even have been murdered? 

Is Turkey proposing to take 
further steps on this matter? 
Is it something which could 
affect your broader relations 
with the East Bloc countries? - 

A: First of all I should -say 
that the problem which we -have 
with Bulgaria emanating from 
the Bulgarian' oppression of 
Turkish minority, has nothing 
to do with our broader relations 
with the Eastern Bloc conn- 
tries. It is an isolated problem, 
unseen and unheard of, until 
now. We have proposed to the 
Bulgarians to take up the issue 
bilaterally. So for they have 
refused this. Therefore, until 
they decide to negotiate this 
matter with Turkey, we are left 
no choice but to take up this 
issue to international platforms. 



Turnkey Construction of : 

* Thermal Power Plant* 

* Chemical ondPetrochemical Plants 

* Water and Sewage Treatment Plante 

* Industrial Plante 

Manufacturing and Erection of : 

* Steel Structure 

* Belt Coiaeycre 

* Pressure and Nonpressure Vessels 

’ * Steam Boilers under the Babcock & WOeox Co, 
U.SJL 




Head Office * 

Gasna Building , Ataturk Buhxtrt No: 229 Kaoahhdere- 

Ankara -TURKEY 

TR : (41) 23 61 10 (10 Knee) 

TEc .- 42434 Gama - tr. 43290 Gmas-tr 


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SECTION II - COMPANIES AND MARKETS 

FINANCIAL TIMES 

Monday November 4 1985 


Building Today For Tomorrow's World 


KYLE 

STEWART 


For Design and Construct 
Tetophona: 01 200 7070 


V Credits and euronotes 


Soviet trade bank taps US 
domestic market for $ 400 i 


VNBSHTOHGBANK, the Soviet 
Foreign Trade Back, has i«Tn/»hwl 
what bankers believe is its first 
bankers acceptance facility hi the 
.O S do mestic market, writes Peter 
Montagnm, Euromarkets Corre- 
spondent, in London. Led by first 
C hica go, the deal will allow the So- 
viet Union to raise op to $400m to 
finance grain purchases. 

’ The deal is regarded as signifi- 
cant not only because it raises pot- . 
ential political questions awing 
participating bonks, but also be- 
cause it involves- the sale of paper 
through a tender panel, some thing 
East European borrowers have -gear 
orally avoided. 

” Under the deal, Vneshtorgbank 
will have access to S2Q0mm funds 
on a committed (or underwritten) 
basis as well as to a further $ 200 m 
m bankers acceptance finnnp«>, to 
be issued through a tender panel on 

an TmcQmnw tted Empy' 

Bankers -acceptances issued un- 
der the first Tranche will beai a 
commission of % per cent There is 
also a commitment toe of tt per 
cent, payable if unused commit- 
ments exceed S50m. 

Vneshtorgbank hopes to assem- 
ble a group of participating banks 
with a strongly North American fla- 
vour to handle the facility. A por- 
tion of up to $50m may be under- 
written fay Canadian banks and will 
be available for the purchase of Ca- 
nadian grain. 

' This is thought to be the first ac- 
tual facility tor Vneshtorgbank in 
file US acceptance market, al- 
though it has arranged deals with 
individual banks on a bilateral ba- 
sis. Bankers say it testifies to the 
growing confidence of the Soviet' 
Union over its credit rating in file 
international capital markets, 
where it has actively tapped the 
syndicated Euroloan market this 
year. 

Bankers beEevethat, tor political 
reasons, it would still be hard tor 
the Soviet Union to tap tbe .US mon- 
ey markets were it not for the need 
to finance grain purchases to which 
the operation is specifically tied. 


The underlying trade needs may 

also justify toe choice of the accept- 
ance mechanism. Apart from Hun- 
gary, which recently launched its 
first Euronote facility, Bast Euro- 
pean borrowers have shied away 
from mechanisms involving the 
sale of short-term paper out of con- 
cern that they might become vul- 
nerable to any deterioration in 
East-West political relations. 

Elsewhere, Barclays Merchant 
Bank is continuing its push for a 
higher profile in the note ■«"»"»> 
market. Although there was no offi- 
cial confirmation on Friday, bank- 
ers say it is arranging a S200m, 
tour-year facility tor Royal Insur- 
ance of the UK. The deal will add to 
the company’s range of financing 
options- 

The deal, which carries an under- 
writing fee of 7.5 basis points, pro- 
vides tor the sale of Euronotes car- 
rying a mMtimniti yield Of 10 bp ci f 
points over Libor (London inter-' 
bank nffarwi rate for Eurodollar de- 
posits). Alternatively, Royal can 
seek cash advances from its bank- 
ers at a maximum rate of basis 
points over labor. 

If underwriters have to take up 
any of the paper offered, there will 
also be a utilisation fee of 2J> points, 
or 5 points. ApporwHng nn the 
amount affected. . 

British Petroleum is expected to 
disclose today the results of its invi- 
tation to banks to bid tor apart in a 
Sfl^bn programme to restructure its 
short-term credit Bids were 
due to have been submitted by last 
Friday and file company is thought 
to have found the results encourag- 
ing. They are expected to show that 
BPs wiffmmefe in the marketplace 
has prevailed over the resentment 
of many banks at being asked to bid 
for business that will lose them 
their owrnfngs on existing lines. 

Also announced at the end of last 
week was a S50Qm Euro-commer- 
cial paper programme for Security 
Pacific Corporation of the US tor 
which Credit Suisse First Boston 
has been appointed dealer. The City 
of Stockholm has hunched a Euro-' 


commercial paper programme tor 
an unspecified amount with Enskil- 
da Securities and PK Christiania 
Bank (UK) as dealers. 

Norddeutsche Landesbank is in 
the market with a S50m, five-year 
revolving facility to back up the is- 
sue of commercial paper in the US, 
led by Union Bank of Switzerland 
(Securities). 



BURoauRKii itemvri 


Turnover (Sen) 


Primary Uarfca* 





Stmlslits Cob* 

ran 

Other 

US* 

ZS2S A 

— 

120*2 

438JD 

Pm* 

uau 

— 

32U 

1202 

OttMf 

1,798.1 

tu 

8072 

270l0 

PIW 


521 

1217 JO 

0&1 

Saceadary Itarimt 




USX 

14,480.1 926.1 

1821 02 

UM32 

Prav 

11A«9A -UJ87A 

12.1152 

18232 

Otbar 

4AOCA : 

tosts 

12122 

1/480 J) 

Pwnr 

Anns mo 

12180 

127*2 


Cadat 

Curact— r 

Totrt 

08$ 

11.1822 

2M*23 

*72402 

Prav 

*0*12 

I* 7M7 

28^742 

Othar 

8,004.2 

4JM72 

102*14 

Pm* 

*,1387 

42*12 

102372 

Waak to October 31 1985 

Source; ABO 


EUROBONDS 


Flood of deals meets limited demand 


EUROBOND syndicate managers 
once again took a slight encourage- 
ment from the New York bond mar- 
ket to mean, more than it did, writes 
Maggje Urry in London. And they 
got a slap in the face when most of 
fire flood of fixed-rate deals that 
was launched met limited demand. 

Some fared well: Canada's S500m 

10-year issue, for example, which' is 
destin e d to become a benchmark 
deal tor its size and maturity. It was 
trading comfortably within its fees 
on Friday. Shell Oil was welcomed 
as a-firSt-cMss wnyng that should ap- 
peal to retail investors. BTR's con- 
vertible issues , in dollars and Ecus 
were also well received. 

But many of the other deals were 
too tightly priced and b or row er s 
like GMAC and Chiysler have come 
to the market so often that they 
have worn out their welcome. 

The issue for Xerox Credit Cor- 
poration, which was launched on 
Friday, was considered to offer far 
too tow a margin over three-year 
US Treasury yields. Taking in fees 
of lVu per cent, a shade slimmer 
than the IK per cent normal for the 
maturity, the issue offers a spread 
of only 27 basis points over treasu- 


ries, while in the secondary market 
IBM three-year paper gives a 
spread of nearer 50 basis points. 
Lead manager Fuji International 
Finance expected to place the paper 
in Japan. 

Morgan Stanley’s persistence 
with its bondrwitfarwarrants struc- 
ture finally paid off last week when 
the warrants attached to the Cocar- 
Cola deal traded around three times 
their S6H issue price. But the re- 
finements to the structure which 
brought down the issue price on the 
warrants to a level where, traders 
said, they were issued too cheaply, 
left the bonds looking too dear. 

The Eurodollar bond market 
lagged the New York market's rise 
last week so that the yield differen- 
tial was widening again. And as one 
syndicate manager observed: 
“There’s probably better value in 
the secondary market than the 
primary " 

Action in the floating-rate note 
market has shifted across the Chan- 
nel to the D-Mark sector, where five 
deals were launched from the new 
November calendar and the other 
four listed are expected this week. 
While in the Eurodollar market in- 


vestors are beginning to get rather 
tired of capped floaters - which 
have a maximum coupon, even 
though these come in the coveted 
non -callable form - the buyers of D- 
Mark floaters have no qualms at ac- 
cepting the cap. In return for the 
risk that rates will rise to the 8 per 
cent or so where the caps come into 
play, investors get a better rate of 
interest 

On Friday afternoon all five of 
the D-Mark deals, which totalled 
DM 1.45bn, were trading well with- 
in their commissions and two - 
Morgan Guaranty's and Industrial 
Bank of Japan's - were comfortably 
above par. Demand was seen to be 
coming from all quarters. 

The Eurodollar floater market 
has seen some of the expected rush 
of US bank borrowers and so far 
seems to be coping. There are cer- 
tainly many more in the pipeline. 
Savings and loans are also frequent 
issuers now and with the backing of 
US Government paper to give them 
AAA ratings they too are popular. 
Perpetuals are also in favour, with 
last week's deals going well 

It may be a while, though, before 
Merrill Lynch's wnmwl coupon fix- 


ing, used for the first time in Eu- 
rope last week for Northeast Sav- 
ings , is seen again. The issue was 
increased by S25m on Friday and 
met good demand. But with the 
yield curve so fiat at present there 
is Little pick up for an investor fund- 
ing short and matched funders are 
unlik ely to want to tie them selves 
up for a year for slim pickings. 
However, the idea could come into 
its own if the yield curve steepens 
a ga in, 

The fixed rate D-Mark sector 
picked up towards the weekend, re- 
couping most of the losses early in 
the week. Even so the size of the 
November calendar is daunting, al- 
though this month the amount of 
fixed-rate paper due at DM 3.1C5bn 
is less than the volume expected 
last month. 

One straight deal has appeared 
so far, for Owens-Corning, which 
like Reynolds' deal of the previous 
week has a 15-year maturity. The 
length is still meeting some resis- 
tance in the market, although the 
bonds were trading within their 2'£ 
per cent fees. 

The oversupply of new paper in 
the Swiss franc market is weighing 


down prices, which were around & 
point tower on average tost week. 
Some recent issues had poor debuts 
on the stock exchanges, trading 
well adrift of their issue prices. Oth- 
er deals hare had their yields 
slightly raised from the indications. 

Chesebrough Pond's public issue 
launched on Frida)' was given a 5W 
per cent coupon and 99'.-= issue 
price, showing a tendency towards 
higher yields. 

The Swiss banks bare found a 
formula for making convertibles 
look more attractive by giving a re- 
demption value above par. so push- 
ing up the redemption yield. Of 
course, most of these convertibles 
are switched into the companies' 
shares long before the maturity- 
date. 

A lone issue was launched in the 
Australian dollar sector, which has 
been severely battered by too much 
paper. The borrower's name is al- 
most the most important factor in 
the success of an issue in this mar- 
ket and the idea behind Kationale 
lnvestingsbank's issue is that the 
borrower's base should be in the 
area where the investors live too. 


Safety net launched for Munich bank 


WEST GERMANY’S cooperative 
banking system has launched a 
support action for the Munich- 
based Bayerische Raiffeisen-Zen- 
tralbank (BRZ), Reuter reports 
from Frankfurt. 

Bankers estimate the safety net 
may have to be as large as DM 
750m ($285Jjm) which they believe 
■would make rt the biggest rescue in 
the cooperative banking sector’s 
history. 

The Munich bank, with a haianep 
sheet total of DM 18bn, has DM 3bn 
in credits to foe budding sector, but 
these are all being re-examined, the 
bankers sakL 

The support action was con- 
firmed by the DG Bank, the central 
clearing bank of the. country’s co- 
operative banking system. 

Member banks bad to support a 


series of bank failures last year wwri 
in January injected DM 4912m into 
the Hammer Bank Spar-und-Darto- 
hens Kasse in what until then had 
been its biggest rescue action. 

BRZ is itself one of eight regional 
clearing Hanks for the co-operative 
sector and serves banks in the Mu- 
nich area. It is the first time such a 
bank has had to be supported with- 
in the sector. 

DG Bank said it and the regional 
cooperative central banks, “have 
decided to give the necessary sup- 
port to the BRZ. This will not affect 
the ability of tHe«> right banks to 
stock up their reserves nor will it 
-mean a change in tbeir dividend 
plans for 1965." 

Bankers said the funds needed 
would, probably be met partly by 
BRZ itself and partly by the seven 


banks working under DG Bank's 
lead. 

BRZ, which had net profits of DM 
86m in 1984, is expected to put up 
some DM 300m and could restate 
its last year's warnings to obtain an 
extraordinary tax credit 

One way DG Bank and the seven 
regional coring hunks in the sup- 
port action could lessen the impart 
on their own warnings would be to 
provide the necessary funds in the 
form of guarantees, the bankers 
added. 

The West Berlin-based Bank Su- 
pervisory Office has ordered a spe- 
cial audit of BRZ's credit business. 
An examination of about half its 
building inane has already identi- 
fied the need for risk provisions of 
about DM 400m, the bankers said. 
The remainder is thought to be less 


endangered and could result in an 
extra DM 300m to DM 350m in pro- 
visions. 

The West German budding indus- 
try has been severely depressed, 
Egging the wider economic upturn. 
In addition, house and office prices 
have come under strong downward 
pressure, although Munich Had 
been an exception until recently. 

The right banks decided an a di- 
rect support action rather than call- 
ing on the co-operative banking sec- 
tor's deposit insurance scheme. 



BHF Bank bend anmtaga 

Novi 

Previous 

104.101 

10X973 

Mflh 

1985 low 

105.603 

90240 


Pantry Pride in loss 
after restructuring 

BY TERRY DODSWORTH IN NEW YORK 
PANTRY PRIDE, the US supermar- Stores and Adams 


kets group which has just won a 
long takeover battle for Revlon, the 
cosmetics and health care concern, 
lost S7.8m in the year to August 
against net earning s of 59.9m, or 38 
cents a share, in 1984. 

Sales rose to S345.1m from just 
58.33m and the results reflect a var- 
iety of special charges and changes 
in the company resulting from the 
disposal of a large slice of Pantry 
Pride's supermarket assets. 

Prior-year figures have been re- 
stated to account for the discontinu- 
ed supermarket activities, although 
the results for the Latest year in- 
clude the operations of Devon 


Drug Stores, 

acquired in 1984. 

In the final quarter of the rear, 
tosses amounted to 39.8m. after a 
loss on discontinued operations of 
SI. 8m and an extraordinary gain of 
5478,000, while sales rose to SIQSm 
from S8m on the restated basis. In 
the same period of last year, net 
earnings came to S1.4m, or 4 cents a 
share. 

Pantry Pride is being used by Mr 
Ronald Perelman, who bought con- 
trol of the company earlier this 
year, as the vehicle for his 51.83bn 
bid for Revlon in a leveraged deal 
which depends heavily on 
borrowings. 






This announcement appears as a matter of record only. These Securities have not been 
registered under the United States Securities Act of 1933 and may not. 
as part of the distribution, be offered, sold or delivered, directly or 
indirectly, In the United States or to United States persons. 


New Issue. October, 1985 



U.S. $150,000,000 

Wells Fargo & Company 


(a California Corporation) 


Floating Rate Subordinated Notes Due 1992 


Salomon Brothers International Limited 


Credit Suisse First Boston Limited 

Bank of Tbkyo International Liniited 
Bankers Trust International Limited 
Chuo THist Asia Limited 
Fuji International Finance Limited 
Goldman Sachs International Corp. 
Kleinwort Benson Limited 
Mitsui Finance International Limited ; 
Samuel Montagu & Co. Limited 
Saftama International (Hongkong) Limited 
Sumitomo Trust International Limited 
Takugin International Bank (Europe) SJL 
Toyo Trust International Limited 


Morgan Stanley International 

Bank of Yokohama (Europe) SlA. 
Banque Bruxelles Lambert S!A. 
Daiwa Europe Limited 
Girozentrale und Bank der tisterreichlschen Sparkassen 

Autu mn — hi et na 

IB4 International limited 
LTCB International Limited 
Mitsui Trust Bank (Europe) S.A. 
NipponCredit International (HK) Ltd. 
.. Shearson Lehman Brothers International 
The Taiyo Kobe Bank (Luxembourg) SJL 
Tokai international Limited 
Yasuda Trust Europe Limited 


DKr. 200,000,000 


Nordiska Investeringsban ken 


12 Per Cent. Notes Due 1990 


Morgan Guaranty Ltd 
Den Danske Bank 

Algemene Bank Nederland N.V. 

Banque Paris as Capital Markets 
Bergen Bank A/S 

Credit Suisse First Boston Limited 
DG Bank Deutsche Genossenschaftssank 
Kredietbank SJL Luxembourgeoise 
POSTIPANKKI 


Copenhagen Handelsbank A/S 
Privatbanken A/S 

Banque Bruxelles LambertS. A. 
Bayerische Vekeinsbank Aktiengesellschaft 
Commerzbank Aktiengesellschaft 
Daiwa Europe Limited 
Hambros Bank Limited 
Norddeutssche Landesbank Girozentrale 
Salomon Brothers International Limited 


Sven ska International Limited 


Swiss Bank Corporation International Limited 


Apritl7,19S8 


AO of these securities have been sold. This announcement appears as a matter of record only. 


y 


-f 




18 


Financial Times Monday November 4 1985 


INTERNATIONAL CAPITAL MARKETS 



US MONEY AND CREDIT 



Starkly more bullish longer-term perspective 



FEDERAL RESERVE MONETARY TARGETS 




THE FEDERAL RESERVE’S 
policy-making Federal Open 
Market Committee (FOMC) 
meets tomorrow amid growing 
speculation that, although no 
immediate major easing Is 
likely, it will eventually re- 
spond to the continued sluggish 
economy, subdued inflation, 
and other factors by cutting 
the discount rate from the cur- 
rent 7.5 per cent. 

The immediate catalysts for 
this starkly more bullish 
longer-term market perspective 
were pre-Treasury auction com- 
ments by Mr Paul Volcker, the 
Fed chairman, and other Fed 
officials, re-evaluations of the 
state of the domestic economy, 
monetary growth and the impli- 
cations of the central bonk 
drive to push the dollar down, 
and renewed hopes of a break 
in the Congressional budget 
debate impasse. 

In the U.S. money and credit 
markets these facLcrrs spurred 
a rally sending both short and 
long-term rates sharply lower 
and encouraging a healthy re- 
tail appetite for the Treasury 
auction issues. 


UJS. MONEY MARKET RATES <%> 




Last 

Friday 

1 week 4 wire 
ago ago 

— ' 12-montb— 
High Low 

M Funds C w®«kiy 


9.21 

7.23 

8.14 

7.44 

9.55 

8.05 

7.10 

9.67 



7.42 

735 

9X0 

6.81 


7^0 

7.9B 

7.93 

9.50 

7.33 



7X9 

7.70 

9.50 

6.95 

go-day Commerolel Paper 

7.70 

7.80 

7.70 

8.60 

7M 

US. BOND 

PRICES AND YIELDS (%) 




Last Change 
Friday on week 

Yield 

9.78 

1 week 
ago 

4 wka 
ago 



+ 2 

TO .38 

10.62 

W.79 

3t^year Tresswy 


+ ZV 
+ IV 
+ 2V 

10.22 

10.46 

10.63 

New 10-year "A" Financial ... 


11.25 

11.50 

11.75 

New "AA" Long Inehietrial ... 


+ IV 

11.25 

11.46 

11.83 

Source: Salomon Bros (estimates). 

Money Supply: In the week ended October 21 Ml rose by S8.5bn to S6l3Bbn. 


co-ordinated foreign exchange sible resolution of the budget 
market intervention is being and debt ceiling impasse. Late 
supplemented by at least on Friday the wmm* passed a 


that the recent rapid growth 
in the US money supply does 
not point to higher inflation 
and adding that US interest 
rates remain very high 
11 despite a relatively accom- 
modative monetary policy." 

Wall Street took the Fed 
chairman's comments to indi- 
cate that the Fed is not unduly 
concerned about M-l — which re- 
mains ?15.5bn over target 
following the larger than 


that the monetary authorities 
retain a bias towards easing. 

In the meantime actions by 
West German and Japanese 
monetary authorities to raise 
short-term rates led to wide- 
spread foreign exchange 
market speculation that the 
September G-5 meeting in- 
cluded an understanding on 
interest rate policies. While 
Fed and other officials were 
quick to deny the existence of 


limited interest rate manipula- 
tion. 

Last week's auctions also 
helped ease market concerns 
that the recent sharp slide in 
the U.S. currency — now stand- 
ing at a 4$-year low against the 
yen and a 15-month law against 
the D-Mark— would deter 
foreign, particularly Japanese, 
Investors. Although Japanese 
participation in the auctions 
was said to be luke-warm it 
was still evident 

Last week's auctions went 
well. Bids for the four-year 
notes totalled five times the 
S6.78bn on offer and produced 
an average yield of 9.47 per 
cent the $6 . 2 bn of seven-year 
notes sold at an average yield of 
9.75 per cent and the $4.76bu 
of 20-year bonds produced an 
average yield of 10.47 per cent 

Now the maxket is bracing 
for the next round — an 
expected $22.5bn quarterly re- 
funding package of three-year. 
10-year and 30-year securities 
expected to be offered for sale 


version of the Gnunm-Rudman 
balanced budget ampnrfmnnr 
throwing the issue back to the 
Senate. But the Treasury— on 
the brink of running out of 
money — said it would go ahead 
anyway with a plan to d Is in- 
vest social security funds to 
make way for the new auctions. 

But what, the credit markets 
proved again last week is that 
market expectations about Fed 
policy remain the key to market 
performance, prices, rates and 
yields. 

Despite a sticky Fed funds 
rate, and repeated liquidity 
draining, moves by the Fed 
early in the week to correct 
te chn ical and seasonal imbal- 
ances, short-term US money 
market rates fell by between 
10 and 30 basis points over the 
week. 


In the credit markets. Treas- 
ury issues gained up to 2 j points 
and the yield on the . 30-year 
Treasury long bond dropped to 
10.22 per cent, down 23 basis 
points and back to mid-summer 
levels. As a result the Treasury 
yield curve continued to flatten 
markedly, indicating reduced 
market concern about upward 
interest rate pressures. 


mists. While few Wall Street 
senior economists expect an 
easing by the Fed soon, most 
dre now looking for a lower 
funds rate, and perhaps a dis- 
count rate cut by early I9SG. 

In the credit markets the 
pace of corporate new issues 
has also slowed markedly since 
earlier this year. According to 
First Boston figures, fixed-in- 


This improved outlook is now come issues are now Ievcl-peg- 
widely apparent in the com- ging those of last year at $72bn 
meats of senior market econo- in the year to date. 


Nevertheless the Sharp rally 
In the US markers, last week 
provided an unexpected dom- 
estic opportunity and triggered 
a flood of new issuos totalling 
about S2.9bn. again m willy of 
medium-term paper. While this 
p rodeo d some signs of indiges- 
tion and slowed the rally in tbq 
corporate market, moat actively 
traded isues closed the week 
up by about 14 points. 


Paul Taylor 


Once again Mr Volcker expected $8-5bn jump reported a formal agreement, the US in the next 10 days. Meanwhile 
kicked-off the rally by saying last week— and as a clear signal markets remain convinced that Congress edged towards a pos- 


UK GILTS 


Doubts remain over Mansion House speech 


AFTER A sharp fall on 
Monday, a gentle recovery in 
gilts pushed Japan's bond 
market troubles into the back- 
ground last week. That left the 
London market where it had 
been before: pondering the 
implications of the Chancellor 
of the Exchequer's Mansion 
House speech. 

On the face of it, there was 
encouragement from Mr Law- 
son's confirmation that the 
public sector borrowing 
requirement (PSBR) would not 
be" “ over-funded ” to rein in 
growth of the £M-3 money 
aggregate. Economists at 
Hoare Govett for example, are 
forecasting higher gilt prices 
on the grounds that, with a 
1985-86 PSBR projected by 
them at £8.7bn, net gilt sales 
between now and March will 
be running at only £56m per 
month. 

Nagging doubts remained, 
however, about the manner in 
which the newly streamlined 
monetary policy, at least 
temporarily unencumbered by 
a £M-3 target, would actually 
be implemented. If £M-3 would 
no longer be a criterion for 
monetary action, would the 


chosen alternatives — the 
narrow MO aggregate and the 
level of sterling — be adequate? 
For bow long would the market 
be able to ignore persistent 
growth in £M-3? 

Mr Peter Fellner of James 
Capel said: "The problem wife 
monetary policy is not so much 
doubts as to the Government's 
ultimate commitment to com- 
bating inflation, but rather the 
Increasingly vague nature of its 
formulation." 

Analysts do not dispute the 
Chancellor's reasoning that 
£M-3 had been pushed above 
its target range by structural 
changes in the economy. They 
nevertheless see it as a leading 
indicator of inflationary pres- 
sures, and suggest that in 
forsaking overfunding, the 
government has given up a 
useful way to soak up money 
supply growth. 

Instead, the Treasury has 
turned to MO, which consists 
largely of notes and coin in 
circulation. MO is within its 
target range. But it is in any 
case seen as a poor and lagging 
indicator. By responding to a 
rise in MO or in retail price 
inflation itself, the Chancellor 


could already have missed the 
anti-inflation boat. 

A test of whether the market 
will accept Mr Lawson's treat- 
ment of the aggregates could 
come as early as tomorrow, 
when monthly money supply 
figures are due. MO is expected 
to show no change or a slight 
fall, and £M-3 to grow by about 
1 per cent. For the moment, 
however, monthly figures seem 
unlikely to cause any tremors. 

The Chancellor is thus seen 
as being governed firmly by the 
external influences which affect' 
the pound. Ur Malcolm Roberts, 
of Laing and Croickshank. 
argues: “'When the crunch 
comes, interest rates are bound 
to respond to the exchange rate 
rather than MO. . . In effect, 
monetary policy will now be 
steered by the exchange rate, 
just as in the 1950s and 1960s.” 

The Chancellor thus seems to 
have tied his hands further by 
making it essential to be seen 
to be keeping up the pound. 
Failure to push up short-term 
rates quickly in response to a 
sterling decline caused by 
whatever extraneous influence 
could lead the market to doubt 
his anti-inflationary resolve — 


particularly in the self-imposed 
absence of other instruments 
with which to prove iL Then, 
worries about £M-3 growth 
could come to the fore. 

If the markets are prepared 
to put up the next few months 
with a policy described by 
Phillips and Drew as "Muddl- 
ing Through with Firm Stirl- 
ing," they will at least be 
watching closely for the manner 
in which £M-3 is treated in the 
next Budget Mr Lawson has 
said he will set a new target 
He could attempt to identify 
the proportion of £M-3 growth 
caused by distortion, and set an 
underlying target in a similar 
manner to fee Federal Reserve. 

With long prices down about 
2 points on fee week, shorts 
virtually unchanged and a few 
mediums edging firmer, the 
•market — no doubt to Mr Law- 
son's delight — is for the moment 
paying little attention to doom- 
saying analysts. A half-point cut 
in base rates at some point 
in the coming weeks is dis- 
counted into prices. The US 
bond market's performance ap- 
peared to be making it more 
likely as the week ended. 

Alexander NicolJ 


HCA Hospital Corporation 


of America 


Hospital Corporation of America 

u.s. $100,000,000 

10% per cent Notes due 1995 


Swiss Bank Corporation International Limited 

Chase Manhattan Capital Markets Group Hambros Bank Limited 

Merrill Lynch Capital Markets Salomon Brothers International Limited 


Algemene Bank Nederland N.V. 

BankAmerica Capital Markets Group 
Bank of Tokyo International Limited 
Banque Nationale de Paris 
Chemical Bank International Group 
Credit Lyonnais 
Daiwa Europe Limited 
Enskilda Securities 

Skandlnnltka EntkIM* LMM 

Girozerttrafe und Bank der osterreichischen 
Sparkassen Aktiengeseilschaft 

LTCB International Limited 

Morgan Guaranty Ltd 

Paine Webber International 

Swiss Volksbank 

Union Bank of Switzerland (Securities) Limited 


Banca del Gottardo 
Bank Leu International Ltd 
Banque Bruxelles Lambert S.A. 
Banque Paribas Capital Markets 
Commerzbank Aktiengeseilschaft 
Credit Suisse First Boston Limited 
Deutsche Bank Capital Markets Limited 
First Interstate Capital Markets Limited 
Lloyds Merchant Bank Limited 

Samuel Montagu & Co. Limited 
Nomura International Limited 
Prudential- Bache Securities International 
Toronto Dominion International Limited 
Westpac Banking Corporation 


New Issue 


Wood Gundy Inc. 


This announcement appears as a matter at record an/y. 


October. 1985 


FT/AIBD INTERNATIONAL BOND SERVICE 


US DOUAR 
STRAIGHTS 

AHFC O.-S Fin 11% 94 

AIDC 11 89 „ 

AIDC 11»« 90 

Amer Savings 12 89 ... 
Ann Savings 12V 89... 
Asian Dev Bit n\ 93 
Australia 11V 90 ...... 

Australia 1 IV 96 ■ 

Australia 11% 98 

Austria IS3 88 ......... 

Akd Fin 13V 91 

Bk Nova Scot* 13V 87 
Bank of Tokyo 72V SZ 
Bank of Tokyo.. 13V 91 
Bank of Tokyo 13V 89 
8 argon Bank 11V 90... 

BP Capital 11V 92 

Br Cal Hydro 11V S3... 
Sr Cal Hydro 12V 14 
Br Cal Hydra 12V 13 

Britoil Fin 11% 80 

Cobse Nar Ed 11V 95... 

Canada 10V 88 _ 

Casio Computer SV <B9 

CBS Inc 11V S3 

Contrast S & L 0 10 ... 
CHosebraugh 12 93 ... 
Chrysler Fin 13V 89 ... 
Citicorp O/S 10V 90 ... 
Citicorp 0/S 11V 90 ... 

Citicorp 11V 82 

Citicorp 11V 97 

Citicorp 0/3 14 84 

CNCA 11V 82 

CNCA 13V 91 

Coa sited Int 12V 88 ... 

Coca-Cola 11 V 88 

Comp Bancaira 13V 90 

Comsat Int 12V 91 

Creditanstalt 13V 91 ... 
Dailchi Kangyo 12V SO 

Danmark Kl 7 * 90 

Danmark 11V 92* ...... 

Danmark 12V 92 

Danmark 13 92 

Danmark 13V 91 

Denmark 13V 88 

Danmark 14 91 

Digital Equip 11V 89 ... 
Dutch St Mines 11V 91 
Eksoortftnans 11V 92... 
EkSDortflnana 11V 90 .. 
Eiee da Franca 11V 93 
Elec da Franca 12V 87 

EEC 11 87 

EEC 11V 90 


100 

75 

100 

12S 

100T 

100 

100 

300 

100 

75 

loo- 

100 

100 

100 

100 

75 

160 

200 

200 

260 

125 

125 

BOO 

80 

TOO 

Ibn 

100 

ISO 

100 

100 

100 

200 

100 

IS 

100 

125 

100 

75 

100 

100 

100 

100 

100 

2S0 

MO 

100 

100 

100 

150 

150 

100 

100 

100 

150 

350 

100 

100 

100 

100 

200 

73 

100 

200 


EEC 12 93 

Eif- Aquitaine 10V 89 

Ericsson L M 10V 88 
Euro Inv Bk 11V 90 
Euro Inv Bk 11V 91 ... 

Euro Inv Bk 12V 90 ... 

EDC 9V 88 

EDC 10 88 125 

EDC 10V 88 100 

EDC 11V 89 150 

EDC 12 89 100 

EDC 13V 87 100 

Fed Dept Store 11 90... 100 

Finland 11 V 88 100 

Finland 12V 94 75 

Finniah Export 12V 87 75 

Firarfed Mich 1 1CV 89 125 
Florida Fad 12V E9 ... WO 

FNMA 11V 91 300 

Gen Elec Cred 9 98 600 
Gen Elec Crad 9V 91 100 
Gan Elec Crad 10V 90 200 
Gen Elac Cred 11 91 ... 200 
Gen Elec Cred 11V 87 200 
Gan Elec Crad 12 94 ... 200 
Gan Fooda Cap 11V 90 75 

General Mills 12 91 ... 100 
GMAC 10 88 200 


Chg. on 
price week 
WSV +0V 
103V +0V 
101V +OV 
103V +0V 
103V +OV 
106V +0V 
TO6V +OV 
107V +OV 
108V +OV 
111V +QV 
107V 0 

KKV +QV 

106 +0V 

113V +0V 
111V +0V 
101V 0 

103V +OV 
W7V +0V 
110V +1V 
110V +1V 
104V +OV 
106V +6V 
104V +0V 
143 -10 

103V +0V 

6V +DV 
102V +0V 

107 +0V 

100V +0V. 
104 -fOV 
TO3V +0V 
102V +0V 
103V 0 

104 0 

111V +0V 
103V +0V 
105V +0V 
110V + 0V 
104V- O 
109V +0V 
106V +0V 
MOV +0V 
104 +0 1 : 

101V +0V 
Ml’, +OV 

111V +1 

109 +OV 
109V 0 

104V +0V 
102V 0 

103 V +0V 
104V +0V 
103V +OV 
106V +0V 
102V +0V 
103V +0V 

wav +ov 
101V +ov 
100V 0 

105V +0*, 
102V +0V 
109 +0V 

101V +0V 
101V +OV 
102V +0V 
103V +0V 
107V +0*, 
W8V 0 
103V +0V 

104 +0V 

K» +0V 
105V -HIV 
106V +0V 
103V +0V 
103 +0V 

34V +0V 

100V +0V 

ioiv +ov 

103V O' 

wav a 
108V +0V 
W4V +0V 
104V +0V 
101V 0 


Yield 

10.75 

9.79 

11.37 
10.80 
10.90 
10.99 

9.64 

1026. 

10.40 
9.89 

■11.43 

9.48 

10.97 
1038 
10.09 
11.01 
10.29 

10.38 

11.63 

11.64 
10.66 
10.62 

8.18 

-5.40 

10.59 

11.74 

11.40 
11.94 
10.12 

10.65 
10-89 

11.33 
1231 

70.58 

10.42 
10.36 

9.37 

10.81 

11.07 

10.64 
1C-43 
10.80 

10.58 
12-33 
12.52 
10.56 

937 

11.62 

BS7 

10.67 

10.44 

10.27 

10 M 
9J3 
928 

9.97 

10.41 
10.25 
10317 
10.09 
10-85 

9.88 

9.45 

9.2S 

9.27 

9.65 
9.76 
9.22 

10.03 

9.37 

10.65 
9.3* 

10.92 

11 07 
10.78 

10.43 
9.70 

10.19 

9-99 

10.96 

10.81 

10.23 

10.88 

9.33 


Gan Motors Acc 10V 90 

200 

102V 

+ov 

8.84 

Gen Motors Acc 11V 90 

TOO 

WAV 

-K>>, .. 


Gen Motors Acc 13 88 

20U 

103V 

+ov 

7.81 

GTE Finance 12 96 ...... 

75 

101V 

+ov 

11.6S 

GuK Oil 10V 94 

TOO 

98 7 , 

-ov 


GZB 14 91 

100 

112V 

+ov 

10.89 

Holl Air Fin 12V 91 ... 

100 

104V 

+0V 

11.11 

Household Fin 11V 92 

WO 

103 

■FOV 

10-91 

IBM SV 88 

300 

IOOV 

+OV 

9-S6 

IBM (WTC) 10V 89 ... 

300 

W2 

0 

10.09 

IBM Credit 11 99 

100 

103V 

+ov 

9.87 

IBM Credit 13V 87 

100 

IOIV 

0 

13.46 

IBM 12V 82 

200 

108V 

■FOV 

10.00 

nd Bk Japan 10V 92... 

IOO 

102 

0 

10 22 

Ind Bk Japan 10V 95 ... 

100 

102 

-ov 

10.51 

nd Bk Japan 11V 89 ... 

129 

104V 

+ov 

9.76 

nd Bk Japan 11V 91 ... 

IOO 

107V 

+0V 

10.23 

nd Bk Japan 13V 91 ... 

12b 

114V 

+4V 

10.41 

Int-Amer Dev 12V 91 ... 

150 

1C9V 

■FOV 

10.61 

Int-Amer Dev 11V 94 ... 

200 

105V 

-ov 

10.90 

rtt Paper 12 91 

7b 

104V 

+ov 

10.88 

Int Stand Elec 0 87 ... 

112 

27V 

■FOV 

12.16 

Int Stand Elec 12 96 ... 

75 

102V 

+0V 

11.32 

ITT 11V 89 

12S 

KT7V 

+2V 

9-27 


ITT Fin 12V 94 100 

Japan Airlines 12V 34 70 

Japan Dev Bk 11V 91 100 

Kellogg Co 10V SO 100 

Kellogg Co 11V 92 100 

Kimberiey-Clark 12 94 100 
Kyowa Fin HK 12V 90 
Lung Term Crad 10V 90 
Long Term Cred 11 Mr 
Long Term Cred 1TV B9 


100 

100 

100 

100 


105V -0V 
109V +1 
TO7V +3V 
103V +»V 
104V +0V 
108V +0V 
107V -OV 
TO2 +OV 
102V +OV 
105V +0V 


Lang Term Cred 12 90 

76 

107 

0 

Long Term Cred 12 93 

100 

107V 

+0V 

Macy R H 11V 91 

100 

101V 

— 7V 

Macy R H 11V 95 

wo 

101V 

-OV 

Marubeni 11V 91 

100 

101V 

0 

McDonalds Fin 11 V 94 

7b 

103V 

+ 0*4 

Merrill Lynch 1ZV 94 ... 

100 

103V 

+ov 

Minebea 6V 83 

100 

747*, 

+2 

Mitsubishi 5V 88 

100 

119*4 

— 6V 

Mitsubishi Cp 10V 92- 

10 0 

100V 

+0V 

Mitsubishi Cp 10V 85 

200 

100 

+7 

Mitsubishi Cp 12V 91 

1 00 

110V 

+ov 


50 

102V 

4 

Mitsui Fin 12V 92 

TOO 

101*, 

a 

Mitsui Tat Fin - 12 91 ... 

100 

106V 

+0V 

Mobil Corp 10V 80 

200 

IOOV 

■FOV 

Montreal City 12V 91 

70 

106V 

-OV 

Mgn Guaranty 1ZV 89 

150 

106V 

■FOV 

Morgan J P 11V 92 ... 

100 


+OV 

Mount Im Fin 13V 87 

TOO 

106V 


Ned Gaaunle 11V 90 ... 

75 

103V 

0 

Ned Qasunla 11V 91 ... 

75 

103V 


N Erg li Mtg 11V 95 

TO8 

105V 

+ 0V 

Newfoundland 13 91 

75 


-ov 

Nippon Crd Bk 13V 89 

100 


+0V 

Nippon Tel Tel 11V 90 

TOO 

105V 

+OV 

Nippon Tel Tal 13°» 94 

1B0 



Nissho-lwol 6V 89 

70 


-7V 

Nomura BV 88 

100 

158V 

-12 

Nova Scotia 11V 81 ... 

100 

ItMV 

-ov 

Nova Scotia 11 V 98 ... 

100 

104V 

-OV 


75 

106V 

■FOV 

Ohbayashl-Gumi 7V 89 

50 

158 V 

+ 3 

Ontario Hydro 11V 94 

200 

106V 

+0*, 

Ontario Hydro 11V 90 

200 

106V 

+QV 

Ontario 12V 94 

2SO 

111V 

+0V 

Pacific Gas & El 12 00 

75 

104V 

■FOV 

Penney J C 11V 90 ... 

■KW 

106V 

+ 1 

Penney J C 12V 91 ... 

100 

108V 

+ 1 

-Philips Patrol 14 89 ... 

200 

103V 

-OV 

Postipanki 11V 90 ... 

75 

102V 

■FOV 

Post- Och Kred 13V 87 

50 

106V 

a 

Prlvatfaankan 12V 96 ... 

100 

0 


Prudential Ins 12V 87 

160 

70S 7 , 

-ov 


Pru Rlty Secs II 7 . 92 388 105V +0V 

Pru Rlty Secs 12V 95 ... 546 107V +OV 

Quebec Prov 12V 94 ... 150 105V +OV 

Queensland Qvt 11V 69 100 104V +OV 

RflC 12V 90 - 100 0 


11.32 

10.86 

10.21 

930 

10.24 

10.47 

10.73 

10.15 

10.19 

9J0 

9.93 
10.52 
11-26 
11.41 
10.98 
10.89 
11 JEM 
-6.18 
-0.49 

10.28 
10.81 
989 
6 AO 
11.92 
10-46 
10-04 
10.84 
994 
10.49 

9.94 
10.22 
10.24 
10.76 
11.06 
10.19 

9.81 

10.59 

6.27 

—8.71 

10.65 

11.05 

10.02 

-8.79 

10-35 

9.97 

10.68 

1130 

10.49 

10.75 

12.71 

1038 

9.46 

9.31 

11.07 

10.26 

10.79 

11. 06 

10.01 


Rural Bk Auer 12 91 ... GO 
S.iwi> ««.nk 11V 92 ... 150 
Saskatchewan 10V 92 100 
Saskatchewan 10V 90 125 
Saskatchewan 11V 89 100 
Saskatchewan 15 92 ... 150 
Saskatchewan 18 89 ... 125 
Scot Inti Fin 14V 96 ... GO 
Soars 0/S Fin 0 98 ... 500 
Sears Roebuck 10V 91 150 
Sears Roebuck 11V 91 150 

Sec Pacific 12 92 WO 

Shears on /Amex 12V 94 TOO 
Shell (Canada) 14V 82 125 
Signal Comps 11V B2 125 
Standard Oil 10V 89 ... 150 

Stand 12 88 100 

Sumitomo Carp 10V 92 100 
Sumitomo Fin 11V 92 150 
Sumitomo Fin 12V 81 150 
Sumitomo Trust 12V 92 100 

Sweden 11V 89 200 

Sweden 12V 89 200 

Swedish Export 10V 88 100 
Svredlab Export 11V 89 100 


Totya Kobe 11V 90 

Taiya Kobe 12 90 

Tenneco Carp 11V 89... 
Texaco Capital 10V 80 
Texaco Capital 10V 93 
Texaco Capital 13V 89 
Texas inatra 11V 91 ... 
Tokal Asia 12V 91 ... 
Tokyo Electric 6V 89 ... 
Tokyo Elac Pr 13V 89 
Toray Inda 1*V 92 ... 
Toronra-Dom 12V 89 ... 

UBS 12V 91 

UM Tech 11V 92 

Vaba B 92 

West LB 11V 90 

Westpac 12V 92 

Weyerhaeuser 11V 90... 

World Bank 11 92 

World Bank 11V 90 ... 
World Bank 11V 89 ... 

World Bank 12 S3 

World Bank 12V 94 ... 
World Bonk 12V 94 ... 
Yjsuda Trust 12V 89 ... 
FToating RATE 
NOTES 

African Dev Bk V 96 ... 
Arab Bank Corp V 96 
Banco Lavpro V 91 ... 
Banco di Rama V* 89 ... 
Bnco di Rama V* 92 CU 
Bankers Tr NY V 94 ... 
Bank of Greece V 94 ... 
Bank Montreal V 94 E 
Bqe Nat Paris V 88 ... 
Baa Nat Paris V 85 ... 


104V 

104V 

101V 

102V 

INV 

120V 

116V 

112V 

26V 

102V 

106 

106V 

,104V 

11ZV 

104V 

101V 

105V 

100 

10SV 

108V 

106V 

105V 

107V 

102V 

104V 


+0V 

■FOV 

0 

— ov 
0 

■FOV 

o 

+ ! 
+OV 
■FOV 
+0V 
■FOV 
-O', 
0 

+0V 

-FOV 

■FOV 

•FOV 

■FOV 

-OV 

-ov 
+0V 
■FOV 
+ 0V 
■FOV 


10.87 

10.59 
10.31 

8.87 

838 

1059 

10.02 

12.03 

11.03 
9.97 

10.07 

10.54 

11,24 

11.51 

10.79 

9.85 

9.27 

10.60 
10.58 
10.65 
11.01 

9.91 

9.81 

10-29 

8.87 


..100 

0 



100 

104V 

+OV 

10.45 

TOO 

10SV 

-FOV 

10.48 

150 

103V 

+0*. 

10.00 

200 

101 

+0V 

10.23 

200 

101V 

0 

10.17 

200 

109V 

-FOV 

10-36 

150 

103V 

a 

10.68 

100 

106 

+ 0V 

10-67 

70 

- 99 

-2V 

6.82 

100 

108V 

+1V 

10.59 

60 

101 

•FOV 

10.87 

60 

105V 

0 

-10.60- 

100 

106 

+ 0*4 

10.73 

150 

103V 

+0*4 

10.41 

70 

183 1 * 

+ 6V 

-1.56 

100 

104V 

+ 1V 

10.61 

41 

106V 

-ov 

11.05 

60 

102 

+0V 

10.96 

300 

103V 

+ov 

10.22 

200 

104V 

+o». 

9.99 

200 

104V 

+0V 

9.70 

200 

108V 

+0V 

10.37 

150 

109V 

+DV 

10.58 

200 

112V 

+ov 

10.57 

100 

106V 

+ov 

moe. 


Chg. an 

■sued Price 

weak 

C-Cpo 

100 

100V 

+ 0V 

8V 

100 

100V 

+ DV 

8*V* 

TOO 

100V 

+0V 

B'» 

ISO 

100 

+ov 

7 *V 

75 

99V 

0 

10V 

200 

100V 

-ov 

8V 

150 

96V 

0 

BV 

100 

100V 

-ov 

11V 

400 

101V 

-ov 

BV 


250 100V +OV- 


Bqe Nat Pans V 96 ... 

250 

TOO 

0 

■BV 

Barclays O/S 



w» 

100V 

-ov 

9V 

BBL V 95 


100 

100V 

0 

8V 

BBL V 99 


100 

100 V 

+0V 

«v 

BCi-V SB 


300 

100 

0 

9V 

BFCE V 88 .. 


500 

100- 

a 

8*4 

BFCE V 99 .. 


600 

ioov 

0 

BV 

Belgium V 04 


400 

101 

+ov 

9V 

CCCE *, 05 .. 


200 

ioov 

0 

8V 

CEPME V 96 

C 

100 

ioov 

0 

11V 

Chaaa Manhattan V 09 

400 

100 

a 

•V 


300 

100 

250 

275 

150 

150 

100 

100 

300 

2SQ 

100 

150 


Chemical NY V* 99 ... 
Citicorp O/S V 91 C ... 
Citicorp Psn Pen V 97 
Caissa Nat Tel V 85 ... 
Commerzbank V 89 ... 

Creditanstalt V» 96 

Credit Comm V 95 ... 
Credit Foncier V 00 £ 
Credit Lyonnais V 98 ... 
Credit Lyonnais V 99 ... 
Credit National V 95 E 
Dai-lchi Kangyo V 96... 

Danmark V 90 250 

- Denmark 0 99 200 

Denmark V* 90 500 

Eldorado Nuke 0 89 ... 100 

Elec da France V 99 ... 400 

ENEL V 93 £ 100 

Exterior Int V 96 125 

Ferro del Sut V 88 ... 100 
Ferro del Stat V 99 ... 250 

Fiat Finance V 94 100 

First Chicago V 94 100 

. First Chicago V* 97 ... 150 
Ford Motor Cr V 91 ... 200 
GW O/S Fin V 94 ...... TOO 

Gnnd lays V 94 100 

INI V* 00 150 

Intarfim Tex V 89 100 

Ireland V 93 £ 50 

Ireland >» 94 300 

Ireland V 96 £ 100 

. Ireland V 97 300 

Ireland V* 99 300 

Italy V 94 Ibn 

Italy V 99 500 

Klein wort Benson V-96 WO 
Korea Each Bk V 94 C 100 
Lincoln S B L V 99 ... 100 

Malaysia V 93 

Malaysia V .94 

Man Hanover V 94 E ... 
Marine Midland V 94... 
Marine Midland V 96- 
Marine Midland Vt 09 


+ (F« 
o 
o 

-ov 

o 

0 

0 


101 
89V 
100V 
100V 
100V 
toe, 

TOQV 
TOOV 
100V 
wav 
loov 

100V 

100 
■9V 
100V 
1001, 
too 7 , 

100V 
99V 
100V 
100V 
100V 
100 
99V 
100V 
99V 
100V 
.0 
100 
wov 

100V 

ioov -ov 
wov 0 


7«U 

’•f 

9V 

■V 

BV 

BV 


+ov in 

0 8V. 


+0V 

0 

0 

-OV 

0 

•FOV 

0 

-OV 

0 

0 

0 

0 

+DV 

0 

0 

■FOV 

■FOV 

0 


8V 
11 “» 
8 u i* 

«V* 

BV 

BV* 

BV 

8V, 

11*, 

7V 

8V 

8\. 

8V 

8*i» 

8V* 

8“* 

SV 

BV 


100V 0 

WOV +0V 
100V 0 

ioov 

97V 
99V 


+2V BV 
-OV 1Z*V* 
0 BV* 
12V 

8 7 u 


Mitsui Fin V 96 

Morgan Grenfell V 94... 
Mtg fntermed V 10 £... 
Nat Bank Canada V 91 
Nad Bank Datr V 96 ... 

Nat Wear Fin Vt 

Neste Oy V 94 

New Zealand V B7 

HZ Steel Corp V 92 ... 
Ostar Ln Bank V 99 ... 

Oka Bank V 92 

Portugal V 92 

Queensland Coal V 96 

Renle V 91 

Sanwa Inti Pin V 92 ... 

SEAT V 83 

Security Pac V* 97 ... 

Skopbank V 94 

SNCF V 93 £ 

Soc Generals V 90 ... 
Soc Generals V 94 ... 

Spain V 88 

Spain V 97 

Standard Chart V 94... 
Sumitomo Trust V 94 

Sweden V 99 

Sweden V B5 


850 

TOO 

-ov 

600- 

100 

+ov 

75 

SBV 

0 

125 

ioov 

0 

125 

TOO 7 

0 

150 

WO 

-ov 

250 

ioov 

0 

200 

100V 

0 

100 

ioov 

0 

50 

99V 

0 

50 

100V 

0 

50 

100 

ioov 

0 

0 


au* 

8 7 e 

BV 
0 BV 
-IV 12 

0 av 
ov 

7“u 

nv 
av* 

BV 
8 

av 

BV* 
BV* 

av* 
12 
BV 


500 

100 

350 

300 

100 

60 

100 

356 

100 

150 

100 

260 

75 

75 

250 

250 

200 

250 

200 

100 

GOO. 

Ibn 


Sweden 0 90 700 

Sweden- V 24 500 

Sweden Vt 750 

Tokia Asia V 99 150 

Toyo Trust Asia V 99... 100 

TVO Power V 0* 100 

Union 8ank-Norw V 99 60 

United Kingdom 0 92_..2_5bn 
Wolfs Fargo S* 66 ... 50 

World Bank 94 ... 250 

Yorkshire Int V 94 C ... 75 

CONVERTIBLE 


100V 

100V 

100V 

100V 

100 

98V 

100 

WOV 

WOV 

100 

ioov 

88V 

0 

IOOV 

IOOV 

WOV 

wov 

ioov 

ioov 

ioov 

991, 

ioov 

99V 

wov 

100 

ioov 

100V 

0 

0 

99V 

WV 

sev 

400V 


— ov 
0 
0 
0 
0 
0 
0 
0 

+0V 

0 

+0V 

0 

0 

■FOV 

-ov 

0 

0 

0 

0 

-ov 

0 

■FOV 

-ov 

0 

0 

0 


0 

-OV 

-ov 


9V 

8V* 

BV 

9V 

BV* 

B*V* 

8V 

9 . 

BV* 

8V. 

BV* 

8V* 

11V 

8V 

B*V* 

av, 

av 

BV 

•V* 

BV 

8V 

7«i* 

BV* 

BV* 

BV 

8 


BV* 

av* 

71V* 


■FOV S1V 


BONDS 
Ajinomoto 3 99 .... 
Best Danfci 5V 97 . 

Canon 7 97 

Daiwa Secs 5V 96 . 
Dev Bank Sing 5V 

Eldars 11V 94 

Elcktrowatt 5 98 . 


Chg- °n 


Issued Price week Pram. 


120 

126V 

-IV 


.... IS 

181V 

-IV 

-B.48 

.... 60 

22S 

— 6V 

-3.76 

.... 60 

226 

+4V 

6. GO 

98 70 

74 

+6 

2.39 

.... 180 

109V 

-2*4 

16.44 

.... 52 

120V 

-IV 

-3.46 

.... 180 

92V 

-3** 

2.96 


Intec Inc 3 99 
Ku nuMi Gumi 3>, 00 . . 

LAS MO 9V 99 

Meet- Hon nosey 7 99 .. 
Murat a Mtg 3V 00 ... 

Nippon Oil 3V 99 

Ono Plrerm 3V 98 

Sac Gen Sure 4V 94 
Sumitomo Corp 2V 99 
Toxaea Capital 11 r , 94 
Texaco Capital 11V 94 
Tsunami Corp 3V OP 
Yjmaichi Sac 3V 93 .. 

YEN STRAIGHTS 
Aaiao Oov Bk 7V 94 . . 
Avan Products 6V 91 . 


Dow Chemical 7 94 . , 

EDF 8V 95 

Euro* mu 7V 94 

Furofima GV 92 

FNMA GV 92 

GMAC 6V 90 

inlet 6V 92 

Int- Amer Dev 7V 94 .. 
Int- Amer Dev 7V 93 ... 

ITT GV 92 

McDonald Coro G», 92 
Now Zouljnd 7V 90 ... 
Now Zaaljnd 7 V 89 ... 
Pacific Gjs 5 El 7 34 . 
Penny J C 6k 92 .... 

Procter 6V 92 

Snrrin Mae fr', 92 . .. 
TRW 7 84 

Utd Tcc.hnQlg.jy <jV gn 

World Bank 7 94 .... 
World Bunk 7V 93 . . 
World Bank 8 93 . ... 


» 70 -I -944 

80 173V +WV JM 

44 97 — OV M SO 

50 lit -FOV -0.Q8 
100 108’, +4 -jS 

50 91 V —OV 3,34 

60 82V +OV — 3.M 

51 137V -F4>, 111 S3 

70 133V -2 -042 

Ibn W8V +1V 38 03 

BOO 107 -FOV 
20 0 

■ * w -i.tr 

Chg. on 

lyeuad Price wnh TMd 
7. TO 
7.03 
7.09 
700 
689 
7.08 
• 93 

6. M 
556 

7. n 
7J2 
7.45 
702 
6. 70 
6.31 
761 
700 
C.M 
<72 
687 
7M 
*77 
*41 
7 M 
J.W 


15 

Wiv 

+ 0*4 

26 

96V 

♦ ov 

2D 

66V 

-ov 

50 

too 

+0*, 

20 

99’, 

-o»* 

10 

101V 

+1 

10 

. 9* 

-iv 

BO 

»V 

+0V 

25 


-ov 

W 

«Be 

+0** 

15 

WIV 

♦ov 

15 

102V 

+0V 

2D 

on 

+ 0V 

25 

99 

+ov 

15 

TOO', 

■FOV 

« 

102 

—0*, 

20 

100 

-ov 

26 

99 

+0V 

2S 

WV 

-OV 

26 

98V 

+ 0*4 

15 

100 

0 

» 

90V 

+ 0*4 

20 

101V 

+ 0V 

SO 

TO3V 

-1 

20 

WV 

-ov 


LUXFR STRAIGHTS 

ASEA 9V 89 

Eurofimj 10 94 

E Coal & Sttmi 10V 9* 

Euro Invest Bk 10V 94 
World Bank 10V 09 ... 
GUILDER 
STRAIGHTS 

ABN 8 89 

ABN 7V 89 160 


Chg mi 
I ssued Price week 
MO 103 +0>, 

GOO 104 -OV 
Ibn 105V -OV 
Ibn 106V -FOV 
ibn 104 0 

Chg on 
tMuad Price week 
200 ICS*. -OV 
It*. 


103 

104V 

10SV 

107V 

:105V 

wav 

105V 

106 


IOOV 

106V 

1091, 

iar t 

ioiv 

105V 

102V 

103V 

106 

104V 

101V 

107 


Amra Bk 7V 89 .. . 150 

Amro Bk 8 89 200 

Bk Moo* & Hope 8V 89 100 
Beatrice Foods av 89... 100 

C C Rabo 8 89 150 

Deirmark 8V 91 . 100 

Int Stand Elec 8V 89.. 100 
Now Zealand 8V 89 ... iQO 
CANADIAN DOLLAR 
STRAIGHTS issued Price 

Amex 12V 91 SO 103 

Aiist Roaourcet 11V 92 50 102' 

.-Bank tri-Tokyo 10V 92 75 

Bqo I'lndosiMx 14 81... 75 

Br Col Mumc 12V 91... 100 
Br Col Mumc 13V Ml... 100 
Br Col Tolo 12V 89 ... 10 

Denmark 11V 91 ... too 

Farm Cred Corp 12V 90 75 

Kredietbank 12 92 . 75 

tong Term Cred 11V 90 75 

Manueai City 12V 91 . 50 

Now Brunswick 12 95 75 

Nova Scotia 11V 95 ... 100 
Quebec Hydro 14 91 ... 75 

ECU STRAIGHTS Ibmw 

Auttnilij 8 N2 10V 01 

Austria 10V S3 

8FCE 9V 82 !... 

Crpd National 10V 9l .. 

Cred National 11V 91. . 

Denmark 10V 
Ebco Inti 1(K, 89 

EEC 10V 91 60 

EEC 11V 91 |5 

EEC 11V 93 70 

Furo Coal & Etocl 6 34 
Euro Invost Bk 9V 95 
Euro Invoct 8k 10V 94 
Euro Invest Bk 10V 89 
Eura Invost Bk 10V 94 
Euro Invaat Bk 11V 92 
Euro Invest Bk 11V 93 
Euro Invest Bk 11V 96 

Gen Finance 11 90 

Giro Vienna 10V 93 ... 

GTE Finance 10V 92 ... 

Ireland 10V 95 

Italian Govt 10V 92 ... 

Italian Trass 11V 90 ... 

Kraditbank L SV 92 ... 

Mega! Finance 11V 94 
Nippon Crad Bk 11 91 


0 

-OV 

-1 

-ov 

-ov 

T 

-OV 

-ov 


Yield 

BM 

U 

>» 

on 

YiMd 
<n 
805 
829 
645 
626 
6 00 
0 24 
6.68 
065 
0.35 


Chg. on 


week 

Yield 

+ov 

10 40 

+0*. 

11.05 

-OV 

999 

+0*4 

11.56 

-O', 

TO. 73 

+ 0*. 

11 JO 

+0V 

11.64 

0 

11 23 

+ 0*4 

10 67 

■♦ov 

11 39 

+o* 4 

10.72 

■FCV 

10.71 

0 

11.20 


11.31 

0 

Chg. on 

11.97 


100 

GO 

TOO 

75 

60 

60 

75 

65 


TO2V 

104V 

W7V 

102', 

105'* 

107 

106*. 

103V 

104', 


-p 

-IV 

=a 

-ov 

105V -IV 
W6V ' +0’, 
108 ', 


YMd 

832 

8.71 

9.21 

9122 

940 

9.C0 

*10 

9.56 

946 

*45 

*.72 


Post Och Krad 10V 92 
Royal Bk Can 10V 89 ... 

SNCI 107, 94 

Swedish Extra rt 11 89... 


World Bank 10V 88 ... 

AUSTRALIAN DOLLAR 

STRAIGHTS 

Nat Aust Bk 12V 89 ... 


State Bk NSW 12V 89 
Wonlworthi 14V 88 ... 
STERLING 
STRAIGHTS 

BAT Intnl 10V 91 


EEC 11V 94 

Europerat -11V 92 

Eura Invest BF 10V 92 

Finland II 7 , 88 

Grand Mot Fin 10 7 , 90 
Int-Amer Dev 11V 91 
int Stand aec 11V 89 
Inv In Induat 11V 91 ... 

Ireland 11V 94 

New Zealand 10V 89 


World Bank 10V 89 
World Bank 10V 89 


60 

120’, +TV 

8.76 

200 

101V -ov 

301 

100 

1WV -1 

9.30 

50 

105 -OV 

8.73 

IOO 

108*, -OV 

9.42 

75 

108V -IV 

9.35 

60 

107*, -IV 

9*7 

50 

112 -I 

9.38 

70 

106*, -IV 

9.28 

60 

107V — ©V 

9.09 

SO 

W, -1 

B.18 

50 

ioov -ov 

9.63 

600 

10SV -ov 

9.42 

60 

105V — 3V 

10.07 

75 

101 -ov 

9.14 

100 

107V +0V 

9 84 

50 

103V -3V 

10.03 

50 

118V -OV 

8.91 

SO 

10«V -o>. 

9.87 

85 

104V -OV 

8.83 

60 

106V -0*, 

S 64 

58 

103V +0V 

9.73 

50 

TOO*, O 

9.81 

100 

105V +0V 

8.45 


Chg. an 

Issued Price week 

Yield 

40 

83V -OV 

14.88 

50 

96V — 9V 

13.61 

40 

0 


25 

89*- +1 

14.48 


Chg. an 

Issued Price week 

Yield 

100 

99V -OV 

MBS 

75 

B9V -OV 

10.79 

50 

101V -OV 

11.00 

50 

101*. -ov 

10.95 

75 

99V -OV 

10.81 

60 

W2V -OV 

10.74 

60 

sev -o». 

11. TO 

60 

Wiv -ov 

11.02 

50 ' 

TOOV -OV 

11.04 

60 

W3 -1 

10.79 

50 

102 +OV 

10 97 

TOO 

99 0 

10.94 

BO 

101 . -ov 

11.03 

100 

9*V -OV 

10.62 

50 

99V -OV 

10.88 

50 

100*, -0*, 

10.90 


EQUITY Expiry 

WARRANTS date 

Commerzbank DM 31/5/88 
Ciba-Geigy Int E ... 1/11/93 

Credit Suisse 31/5/88 

Deutsche Bank DM 18/6/91 

1CI Finance 1/6/90 

!C Industrie! 15/6/88 

Juscn 22/12/88 

Mlnebea Co 20/2/89 

Mitsubishi Cp 7/11/88 

Miaul 10/12/87 

Niasho Iws! 1/2/89 

Nomura 31/10/08 

Stamens Wain DM 31/5/80 
Swiss Bank Cpn... 20/12/88 

Toray Ind 5/3/07 

I'eO" Ininl 15/12/93 

BOND Expiry 

WARRANTS data 

Aegon in» 11V 91 14/2/88 
Coca-Cola Ttv 91 2B/11/R8 
Ccmmerzbk 13V 91 17/7/88 
Du Pont 13V W ...' 2S/8/R6 
Ehsportflnnq 13V 89 15/9/87 
Gan Else 12V 91 ... 7/8/B7 

Ind Bk Jpn 17 7 , 41 5/10/89 
Inv In Inrl IIP, gj 1/12/aa 
McDnlda F iiv 94 B/1/89 

Oaater Lnbk 13V 89 9/8/87 

Texaco Csd 17V 92 1/9/87 

Trnto Dom 12V 31 5/4/58 


Chg. on 

Prteo week Pram 
0 

409V -OV 198.26 
58 -F1V 5.65 
121V 0 -36.88 

255 -2V 180.42 

22 -F1V-14S9 

81V +1V 4.07 

. 62V +1 7 , 

37 -IV 
28V -OV 
14V -IV 
80V 4V 
0 

911, +v. 

38 V — 2«, 

0 

Chg- on 
Price week 
27V +15V 
«8 +4V 

99 -FOV 
8fP, +5 
68V +7 
72 +0V 

Rtv +a 
90 0 

43', +9l a 
74V -5 
83V +2V 
63 +4V 


53.75 

21.71 

18.84 

29.90 

14.58 

16 01 

16.59 

Ex. 
yield 
10 63 
11.14 
11.16 
10.40 
10.33 
10 !W 
10.07 
10 OB 
TOTO 
10.9*» 
11.46 
11.01 


STRAIGHT BONDS: Yield to redemption ol the mid-price. Amount Issued Is 
axpreaaad In miihana ol currency units except lar yen bonds, where it is In 
billions. 

FLOATING RATE NOTES: U9 dollora unless indicated. Margin above six-month 
offered rate (4 throe-month: 5 above mean rate) lor US dollars. C-cpna»currant 
coupon 

CONVERTIBLE BONDS: US dollars unless Indicated. Pram — percentage premium 
ol the current effective price ol buying shares trio the bond over the most 


recent share price. ' • ~ 

Er^t W Pi-. 


t Porpetual. 


€1 Tho Financial Times Ltd.. 1995. 
form not permitted without written consent! 
International Bond Doalara. 


.. Gloaln<] prices on November 1. 
noproduclion in whole or in p rt rt m any 
Data supplied by Association of 


* 



Financial Times Monday November 4 1985 


19 


This announcement appears as a matter of record only 


New* 



16th October, 1985 


U.S.$150,000,000 

European Investment Bank 

‘ 10% per cent. Notes dne 1992 
Issue Price 100% per cent. 


Union Bank of Switzerland (Securities) limited 


Amro International 

Bank Leu International Ltd 
Basque Bruxelles Lambert SA. 
Credit Lyonnais 
Daiwa Europe Limited 


Banca Commerciale Italians 
Bankers Trust International limited 
Chase Manhattan Capital Markets Group 
Credit Suisse First Boston Limited 
Generate Bank 

Genossenschafdiche Zentralbank AG- Vienna IBJ International limited 

Istituto Bancario San Paolo di Torino Kuwait International Investment Co. saJc. 
Merrill Lynch Capital Markets Morgan Stanley International 

The Nikko Securities Co, (Europe) Ltd. Nomura International limited 

Orion Royal Bank limited Shearson Lehman Brothers International 

Societe Generate Swiss Bank Corporation International limited 

Swiss Volksbank S.G. Warburg & Co. Ltd. 


Kewfetae 


This announcement appears as a matter of record only 


U.S.$75,000,000 


17th October, IMS 



Swiss Volksbank 
Finance (Cayman Islands) Ltd. 

61 per cent. Guaranteed Notes due 1990 
with "A” and “B” Warrants attached to acquire 
100.000 shares of Sfr.500 par value each of, 
and unconditionally guaranteed by, 

Swiss Volksbank 

Issue Price 101 percent. 


Union Bank of Switzerland (Securities) Limited 
Credit Suisse Fust Boston Limited 
Commerzbank Aktiengese&schaft 
DG BANK - Deutsche Genossenscbafisbank 
Amro Internationa! Limited 


Swiss Volksbank 
Swiss Bank Corporation International Limited 
Deutsche Bank Capita! Markets Limited 
Dresdner Bank Akliengesetlschall 
Hill Samuel & Co. Limited 


Kuwait Foreign Trading Contracting &. Investment Co. (S.A.K.) 
Orion Royal Bank Limited Rabobank Nederland 


Nomura International limited 
S. G. Warburg & Co. Ltd. 


Algcmene Bank Nederland N.V. Arab Banking Corporation (ABO Julius Baer International Limited 
Banca dd Gotiardo Banca della Sxizaaa luliana Bank Comrade Switzerland tC.I.J Limited 

Bank fur Gemdnwinschaft Aktiengesdkchati Bank in Ltechtenstein Akiiengndlsclul'i 

Bank Leu International Ltd Bank J. Vomobel &Co. AC Bank Wcgelin & Co. 

Banque BruxeDes Lambert S.A. Banque General* du Luxembourg S-A. 

Banque Internationale a Luxembourg S.A. Basque Nationale de Paris Baring Brothers & Co.. Ltd 

Bayerisehe Landes bank Grown trale Bayexhche Vercinsbank AKlicngcxcttwhah 

Berliner Handels- und Frankfurter Bank B.S.C. Capital Markets Croup 

Compagnie de Banque et d’lnvestissemetits. CBI Credit Commercial de France Credit Lyonnais 

Generate Bank Genosscnschaftliche Zentralbank AC - Vienna 

Ctrozenrrale und Bank derOsterrekhischenSparkassen Aktiengescttschaft Groupement Priv< Genex-ois S.A. Panama 

Handdsbank N.W. (Overseas) Limited Hessische Landesbank - Girozemralc Kj edict bank N.V. 

Kuwait International Investment Co. sai.k. Kuwait Investment Company (S.A.K.) 

Liechtensteinische Landesbank Lloyds Merchant Bank Limited Merck, Flnck & Co. 

Morgan Grenfell £ Co. Limited Ncderfandsche Middenuandsbank nv Norddeutsche Landesbank Girozenindc 
Nordfinanz-Bank Zurich Paribas Capital Markets 

Private Bank and Trust Company Rothschild Bank AG 

SchoeOer &Co. Bank AkuengxseUschafi 

Schwdzerisdic Hyporheken- und Handdsbank Societe General* 


Pierson, Heldring & Pierson N.V. 
Sarasin International Securities Limited 
J. Henry Schroder Wagg & Co. Limited 
Verband Schwcizerischer XanionaJbanfcen 


Vcreins- und West bank Akikngeseilschafi 


Westdeutsche Landesbank Girozemralc 


•if i-f 


These Bonds have been sold outside the United States. This announcement appears as a matter of record only. 


SmssFhacPiUchsiK 

. • - . . • - * 


‘ September, 1985 


GOOOfYCAR 


The Goodyear Tire & Rubber Company 


Ohio. US -A. 


5% per cent. Bonds 1985^2000 


Issue Price 10014 per cent 


Interest payable annually in Swiss Francs 
on the aggregate principal amount of 


Swiss Francs 238,000,000 

Union Bank of Switzerland 
Swiss Bank Corporation 


Credit Snisse 


Goldman Sachs Fmanz AG 


Swiss Volksbank 

Members of the Groupement 
des Banqniers Prfres Generate 

Private Bank and 
Trust Company . 


Bank Leu Ltd 
A. Sarasin & Cie 

Members of the Groupement 
de Banqniers Prives Zuricbois 


. Members of the Union 
des Basques Cantonales Stosses 


BA Finance (Switzerland) Ltd. Banque Nationale de Commenbank(Schwetz) AG 

Paris (Snisse) SA. . 

Credit Lyonnais Finanz AG Zurich Daiwa (Switzerland) SA. Deutsche Bank (Suisse) SA 

Krafietbauk (Snisse) SA, Mitsubishi Trust Societe Generate Alsacienne 

Finance (Switzerland) Ltd. de Banque 

— Groupe Societe Generate — 


Most investment 
banks believe in 
carefully timing 

new issues. Some 
even practise it. 


UBS Capital Markets Group 
Investment banking on a worldwide scale 


Union Bank of Switzerland 
Capital Market Financing 
Behnbotstrasse 45 
8021 Zurich/Swrtzeriand 
Tafaphone 01/234 11 11 


Union Bank of Switzerland 
(Securities} Limited 
The Stock Exchange Building 
London EC2N lEY/England 
Telephone 01/B38 05 82 


International Financing: Can you afford not to talk to UBS? 





Financial Times Monday November 4 1985 


INTERNATIONAL COMPANIES & FINANCE 


NEW INTERNATIONAL BOND ISSUES 


CORPORATE FINANCE 


Return to respectability for Harvester 


slowly, painfully, inter- 
national Harvester is returning 
from the twilight zone of near 
extinction to the land of cor- 
porate respectability. Its 
balance sheet is still showing 
negative net worth, and it re* 
mains critically dependent upon 
its bankers. But the financial 
restructuring it launched last 
week, combined with its audi- 
tors' decision to drop most of 
the qualifications of its 
accounts, is a sign that it may 
now be moving out of the in- 
tensive care department into 
convalescence. 

The main purpose of the 
financial moves was to reduce 
the company's enormous un- 
funded pension liability, 
amounting at present to around 
$900m total funds of $2bn. Ever 
since the financial crisis over- 
took Harvester in the early 
1980s. the part of the company's 
pension scheme not covered by 
an invested portfolio has caused 
concern. 

For Wall Street, it meant one 
more uncertainty over a group 
which was dubious enough on 
trading grounds alone. 

In the days when Harvester 


Provisions put 
MGM-UA 
in the red 

By Our New York Staff 

■MGM/UA Entertainment, the 
film studio and distribution 
company which is being taken 
over by Turner Broadcasting, 
the Atlanta-based cable tele- 
vision group, lost SI 15.8m or 
82.33 a share In the year to 
August against net profits of 
334.7m. or 69 cents a share 
Four quarter losses were 
$49.5m, or SI a share, com- 
pared with profits of S2.1m, or 
4 cents a share. Revenues rose 
to $ 177m from 3138m. Revenues 
for the year slipped to 3655m 
from $706. 9m. 

The fourth-quarter loss re- 
flects provisions for settling 
litigation relating to a licensing 
agreement with Rainbow 
Service, which operates a tele- 
vision cable network, over 
rights to the group's film 
library. ! 

The total payment for settle- i 
ment which will clear the way 
for the merger with Turner, 
amounts to $50m, of which 
Turner will pay $10m immedi- ; 
atelv. The other $7.5m will be , 
paid by Turner along with ! 
S32.5m from MGM-UA either 
on December 31 or three days : 
after the merger is completed. 


was a strong company, feeding 
trucks and tractors into mar- 
kets that never looked as 
though they would .go back- 
wards. the unfunded element 
was easily taken care of by cur- 
rent earnings. Since then, how- 
ever, Harvester has reduced its 
size drastically, amputating 
whole divisions, without an 
equivalent reduction in Its pen- 
sion obligations. When it sold 
its agricultural tractor activi- 
ties last year, for example, it 
retained responsibility for the 
retired people in that section. 

Although Harvester has 
managed to meet its obligations 
it has been unable to increase 
payments, and in some years 
outgoings to pensioners have 
soaked up as much as $90m. 
Reducing this outflow is con- 
sequently crucial in improving 
profitability. 

Harvester wants eventually to 
fund the whole of the unfunded 
part of the scheme. But in this 
initial step it is aiming to pro- 
vide the finance for a perma- 
nent pool of securities to meet 
obligations on around S500m of 
the liabilities in the pension 


plan. To achieve this, it is pay- 
ing 3350m into the scheme 
which, according to actuarial 
calculations, should yield in the 
region of 8500m over the esti- 
mated life of the obligations, 
assuming an investment return 
of 12 per cent a year. 

Mr Bob - Lannert. the 
treasurer, says the cash will be 
invested mainly in government 
and corporate bonds, with a 
small element in equities, tak- 
ing advantage of what he calls 
“a unique period of time when 
interest rates are high.*' 

To provide the 3350m, the 
group is rejigging the rest of 
its already complicated finances. 
The bulk of the money — S250m 
— will come from a dividend 
paid to the parent company by 
the commercial credit sub- 
sidiary. This will be followed by 
a further 8100m once the credit 
unit has made an offering for 
an identical amount of sub- 
ordinated debentures carrying 
warrants on Harvester stock. 

The key to these transactions 
is a reorganisation of the 
group's financing division, the 
International Harvester Credit 


Corporation, which was kept 
afloat at the time of the rescue 
'by a consortium of 170 banks 
involved with the group, who 
agreed to back a SI 5 bn re- 
volving credit. T'he majority are 
now dropping out of the 
arrangements. Under a new re- 
volving credit of S1.2bn. de- 
signed to reduce the credit 
unit’s interest costs, a smaller 
group of 35 banks from within 
the pool have agreed to take on 
much larger individual commit- 
ments. 

Harvester sees these commit- 
ments as something of a vote 
of confidence in its future, par- 
ticularly since the banks have 
allowed the parent company to 
take the finance unit dividend. 
The new arrangements, it says, 
will also ease the finance subsi- 
diary's return to the commer- 
cial credit markets, since it is 
now on a firmer footing. And 
the parent company itself is 
going ahead with a straight debt 
operation. It plans to issue 
3100m of 15-year senior sinking 
fund debentures which will be 
used to repay bank debt and 
reduce the group's revolving 
credit facility. 


Wall Street has broadly wel- 
comed These balance sheet 
adjustments, noring that they 
should have a healthy .impact 
an the profit and loss account 
through the reduction of in- 
terest payments . and outgoings 
on pensions. 

At the same time, the balance 
sheet is Still looking extremely 
unbalanced. The forced sale of 
the farm equipment group to 
Tenoeco last year plunged Har- 
vester into negative net worth, 
setting it back after all the pro- 
gress it had made in reducing 
debt: while borrowings art* 
down from SIJ2bn at the peak 
to SSOOm. the group's equity 
has fallen from a positive 
£302m ar the end of its last 
fiscal year in October 1984, to 
a negative S20m today. 

With truck sales profitable 
again. Wall Street's hope is that 
Harvester will eventually be 
able to trade its way out of 
these problems. But no one has 
any delusions that it will not 
take some tiers before it will 
be possible to give the group a 
clean bill of health. 

Terry Dodsworth 


Reverse takeover for Sun King Fung 


BY DAVID DODWELL IN HONG KONG 


I HONGKONG MACAO Inter- 

j national Investment, the group 
created by mainland Chinese 
interests in partnership with a 
number of Hong Kong Chinese 
businessmen, has taken control 
of Sun King Fung, the troubled 
Hong Kong property invest- 
ment company controlled since 
1980 by the Sun Hung Kai 
group. 

In what amounts to a 
HK$200m (US$25.6m) reverse 
takeover. Hongkong Macao is 
making its second major invest- 
ment since it was founded just 
days after the initialling in 
September last year of the 


Sino-British agreement 
Its first investment was to 
set up Dragon Airlines, which 
stirred up a political storm by 
challenging Cathay Pacific 
Airlines' claim to be Hong 
Kong's exclusive flag carrier. 

After the takeover, Sun King 
Fung will be controlled by 
Tylfull Co, the shell chosen by 
Hongkong Macao to make the 
offer. Tylfull will hold at least 
50.9 per cent of the group, 
while the family interests of 
the late Mr Fung King Hey 
fwho controlled Sun Hung Kai) 
will hold 19.5 per cent 
The bid marks the second 


Advance by Power Corporation 

BY ROBERT GIBBENS IN MONTREAL 


POWER CORPORATION of 
Canada, the holding company 
through which Montreal finan- 
cier, Mr Paul Desmarais con- 
trols financial services, com- 
munications, pulp and papers 
and packaging subsidiaries, 
made net earnings of C$82.4m 
($US$60.2m) or CS1.40 a share 
in the first nine months of 1985. 


up from C351.3m or C$1 a share 
a year earlier. 

Revenues, mainly from divi- 
dends, were C$93.9m against 
C*75.2m. Power Corp plans a 
C$100m radio and television 
acquisition in Quebec, which 
may lead to its becoming an 
operating company itself with 
certain tax advantages. 


major reorganisation of Sun 
King Fung in less than a year. 
It suffered serious losses after 
the collapse of Hong Kong's 
property market in 1982. After 
incurring losses of HKS295m in 
1984, the group in May announ- 
ced a restructuring which 
involved disentangling the 
group from a number of loss- 
making projects, writing off 
debts to a number of companies 
linked to the Fung family, and 
issuing fresh equity to the 
Fungs. 

The new chairman of' Sun 
King Fung will be Mr K. P. 
Chao, a local toy manufacturer 


who chairs Hongkong Macao. 
Two mainland Chinese board 
members of Hongkong Macao 
are also to be appointed to the 
board. Tylfull will be the first 
publicly quoted vehicle con- 
trolled by Hongkong Macao. 

Until two weeks ago. Hong- 
kong Macao held a controlling 
interest in Dragon Airlines. 
This has since been diluted to 
25 per cent, with two prominent 
Hong Kang businessmen. Sir 
Yue-Kong Pao and Mr Ronald 
Chao, acquiring 30 per cent and 
19.5 per cent respectively in a 
manoeuvre capitalising the air- 
line at HK$200m. 


Setback at All Nippon Airways 

BY YOKO SHIBATA IN TOKYO 


ALL NIPPON Airways (ANA), 
Japan’s largest domestic carrier 
suffered a 10.7 per cent drop in 
pre-tax profits to Y(L32bn 
(S30.3m) in the half year to 
September, a period which had 
initially been expected to bring 
a strong advance. 

The setback was due chiefly 
to a sharp fall in passenger de- 


mand after the crash of the 
Japan Air Lines jumbo jet in 
mid-August, and consequent 
special provisions by ANA. 

Turnover was 3.7 per cent 
higher at Y246.39bn. while net 
profits declined to Y1.94bn or 
Yl.72 a share from Y3.94bn or 
Y3.65 per share. 


mr" 


arcs 

CnatiaadSUtiVtt 
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Coca-Cola 

McOmwoH Douglas ± 
Oaystar fin. Cap. J 
Saga P atrata m j 
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Canada t 

Korea Embank (h)Tt 
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Royal Bk Scotland (k)Tl 
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ODUMS 

U-. * . ■ a a ju 

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NEW ZEALAND DOllARS 
Kimfiathank Lax. 


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Vg 100 SaJaoiM Dntfm 

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Via 188 

Va no Mwgon Gumsnty 

10U 101V* Honan b*. 

i/s. 188 EBC-Amra 

Via 188 Morgan StaUty 

10% IOOWio Hoorn tab 

UP* 10QJB5 Nm Sacs. 

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1014 100V* fast Chicago 

IQft 9914 

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10 98% Dontscko Ok Cap. Bftts- 

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Mto 100.1 Bat* of Tokyo tat 

100 Maifl Lynek 

Vis 100 Unth M'chVA Ok (Em) 

Va 100 Mitsui Trust Ok (Eirf) 

10 100V* Man* track 

9% 98% CSFB 

V. 108 Man® lv«* 

27 Vibp 100.1 Gokfcnn Sachs 

IOTA 99% UBS (Sacs) 

14 100 Salomon OraOtti 

3V« 101 Fop tat. fin. 

Va 180 Mffl* Lynch 


134 100 Morgan Guaranty 


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250 

1992 

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30 

1990 

Smimo TsxtBo H 

38 

1990 

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100 

1995 

□BCftltt 

400 

1995 

JJ*. Morgan (q)tj 

400 

1935 

Sacarity Pacific (p)tj 

300 

1995 

hi 8L of Japan [r)tj 

250 

1995 

Owona-Canoog J 

130 

2080 


1 ' 3 

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Kiodjodunli tat. 


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100 

ftauadw 

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MustncHreoaonw 

10 

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too 

Comnonfaairii 

10 

% 

108 

Morgan Goonnty 

10 

Vh 

180 

Comantunk 

10 

Via 

100 

Dmitocbo Bonk 

i 15 

TV* 

too 

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QnkaRsk Marine * SJ 

20 

1991 

Sanyo Bsctric*' (o)5J 

300 

1890 

Mhsui 8 Co.** 5 

108 

1991 

Matsazaftoyi Cb.** (n)5t 

50 

1991 

TnmmiTniBpon** TJ 

50 

1990 

Toyo Mask* Kuki“1 

108 

1990 

City of Yokohama { 

100 

1995 

TNT Oaamas fir." t 

25 

1991 

PMpxLamp j! 

200 

1997 

Asian Dev. Bank 

100 

2010 

Japan 

Tntnmra Jimtendb * B J 

20 

50 

1990 

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Onaabrangh PomTs t 

150 

1995 

Sanwa Shutter** SJ 

30 

1991 

Toyana Chanical** § 

SO 

1991 



100 

HamMsbank 

180 

CrMtSaiSM 

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SBC 

180 

CrfcSt Sym 

100 

WIrtschaRs- ond Wvhh 

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108 

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LTC8 (Schwab) 

100 

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UBS 

108 

S8C 

108 



SnERUW 

Safeway UK £ 

100 

2011 

28 

(s) 

39.957 

Boring Brodnrs 

11.255 

ECO* 








BIBS 

170 

1995 

18 

l««0 

100 

S8Q 


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100 

1993 

8 

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100 

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50 

1990 

5 

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NORWEGIAN KRONE 








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rMi&taaa 

200 

1992 

7 

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• 

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1993 

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SObn 

1990 

5 

1214 

99 Vz 

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>2.541 


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10hn 1992 

7 Vfi 


tad. Bank ot Japan 


* Not ynt priori. J final arm. ” Rinata placement. § ConvartMt. t Roaring rata note. X With aquwy warrants. $ Witt bond wa rr a nt s. 
I Dual curacy. (a) %ow 3m Urn, max coupon 13V« “4 after 3yis. (h) Hh war 3n Libor. mart coupon 139k. itriimw W, (c)*sa 
over 3n> Umr. (d) Vkavar 3m Ubar. (e) Via over 3m Lftor. (f) Via mar Gm Lknan. tgl Tnlrt in tipinin donmSTk amital 
fb| V« over En Libor, (j) 2Bbp nvar 3m Libor, max coupon 13Kb. (I) V* over 6m liman. fT) Va nor Sm Liber, (a) Va mr 1 yaar Libor, 
(a) 27>4bp over 6m UbhL [oj V* over 3m Lior. max coupon |p) *A war Em Uhor, max napoo 89b. (q) Ah over 3m Uteri, mu 

coaparOQb. (r| Via war Gm Uw, max coupon 84b. (s) Escalating Coupon. (t) Vh am Cm Uter. (a) Radamptianabmur. 

Note; Yields an calcuUtsd on AIM basis. 


This announcement appears as a matter of record only. 


September 1985 


^T EKFEN J 

Tekfen Holding A. § . 

Tekfen Insaat ve Tesisat A.§. 

Toros Gubre ve Kimya Endustrisi A.§. 

Tekfen Dis Ticaret A.§. 

U.S.1 60,000,000 

Multi-Purpose Contract and Trade Finance Standby Facility 


Lead Managed by: 

American Express Bank 

Co-Lead Managed by: 

T.C. Ziraat Banka si 

New York Branch 
Managed by. 

Arab Asian Bank E.C. 

Turkive I§ Bankasi A.§. 

Ijonrloii Hrunrli 
Provided by. 

Tiirkiye Is; Bankasi A.!j. 

T.C. Zinutl Bankasi 
- Asian Oceanic Group 
Tunis International Bank 
Issuing Bank: 

Turkiye I§ Bankasi A.§. 


Tiirkiye I§ Bankasi A.§. 


, Asian Oceanic Group 


Ainerican Express Bank Lid. 
Arab Asian Bank E.C. 
Turkive 1$ Bankasi A.§. 

Ijimlmi Hrunrii 

Saudi Lelianese Bank fur die 
Middle East S-A. 


Asciil: 



American Express Bank Ltd. 



These securities n cre offered and sold outside the United States. 
This announcement appears as a mutter of record only. 



ECU 120,000,000 

PHILIP MORRIS CREDIT CORPORATION 

( liicorjforated in Delaware') 


Zero Coupon Bonds due February 22, 1993 


Issue Price 55. 70% 


BASQUE PARIBAS CAPITA L MARKETS DRESDNER BANK AKT/ENGESEI LSCHAFT 

GENERALE BANK SWISS BA NK CORPORA TION INTERNA TIOXA L LIMITED 

A LGEMENE BA NK NEDER LA NO N. V. 

AMRO INTERNA TION A L LIMITED 

BANQUE BRUXELLES LAM BERTS. A. 

BANQUE GENERALE DU LUXEMBOURG S.A. 

BANQUE INTERNA TIOXA LE A LUXEMBOURG S.A. 

CA1SSE DES DEPOTS ET CON SIGN A TIOXS 
COMMER7.BA NK A K TIENGESEL LSCHA FT 
CREDIT SUISSE FIRST BOSTON LIMITED 

DEUTSCHE BANK CAPITA l. MARKETS LIMITED 
KREDIETBANK INTERNA TION A I. GROUP 

UNION BANK OF SWITZERLAND ( SECURITIES ) LIMITED 











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Fmancial Tlmes Monday November 4 1985 


21 


TECHNOLOGY 


EDITED BY ALAN CANE 


Harnessing silicon’s potential 


ENGINEERS are showing in- 
creased interest in using a 
relatively novel form of silicon 
for integrated circuits and other 
electronic devices. It is a form 
of the element which can be 
turifwl out in large panels, like 
sheets of glass off a production 
line.. 

The material is amorphous 
silicon, where the element’s 
atoms are arranged not in a 
regular crystalline structure but 
in a disordered mass. 

In' recent years, applications 
for amorphous silicon have 
started -to take off,, mainly in 
converting sunlight to electri- 
city in solar cells but also in 
areas Such. as office copiers, flat 
display screens, anti-static film? 
and electronic switching devices. 

Most of the developments are 
in Japan and the U.S. but 
almost all can be traced back 
to pioneering work in Britain 
a quarter of a century ago, at 
STC, the telecommunications 
company, and Dundee Univer- 
sity. 

Amorphous silicon can he 
turned out much more cheaply 
than conventional single-crystal 
silicon, which, for Instance, 
forms the dominant starting 
material in the world’s $25bn-a- 
year chip business. 

Although amorphous silicon 
has been studied for more than 
20. years, scientists have only 
recently improved its electrical 
properties to match those of 
the crystalline form. 

Developments in solar' cells 
have benefitted greatly from 
amorphous silicon. According 
to one estimate, sales of solar 
cells based on amorphous sili- 
con are now approaching $50m 


Improvements in the electrical 
properties of amorphous silicon 
open up new uses for the element, 
reports Peter M £is 


a year. By the end of the 
decade, ceils which use *hig 
substance could outsell the sort 
based on the better-established 
but more expensive crystalline 

material 

Current sales of ail forms of 
solar cells are put at $100m- 
$150m a year, and could amount 
to $10bn by the year 2000, 
according to some industry pro- 
jections. 

One Japanese company, 
Sanyo. is turning out 
amorphous-silicon solar cells at 
the rate of 5m a month, for 
such uses as calculators. About 
60 other Japanese concerns, in- 
cluding Fuji. Sharp, Mitsubishi' 
and Canon are developing 
other applications (see panel). 

Energy Conversion Devices 
(ECD), of Troy, Michigan, took 
an early interest in turning out 
solar cells based on amorphous 
silicon. ECD has annual sales 
of: ¥30m. most of it resulting 
from licensing agreements with 
other companies. 

ECD has formed joint ven- 
tures with Sohio and Sharp, as 
a result of which factories in 


Troy and Nara, Japan, are 
making amorphous solar cells on 
a backing of stainless steel in 
rolls 1,000 ft long and 1 ft wide. 

The company is also 
interested in using amorphous 
silicon to- make large electronic 
switching displays and 
memories. NTT of Japan is 
paying ECD SI -3m to develop 
applications in this area. The 
Troy company is receiving 
another $5 .5m from an unnamed 
multinational corporation to 
work on large flat displays based 
on amorphous silicon. - 

The technology could make it 
possible to manufacture large 
integrated circuits measuring 
several square inches. Present- 
day chips made from mono- 
crystalline silicon are limited 
to a fraction of this size 
because of the difficulty of 
making larger slices of material 
free from defects. Semiconduc- 
tor companies currently buy 
about $lbn worth of crystalline 
silicon a year for processing 
into integrated circuits. 

Other U.S. companies de- 
veloping applications for amor- 
phous silicon include Sohio, 


3M, Soiarex (a subsidiary of 
. Amoco), and Polaroid. 

Researchers at STC, the UK 
telecommunications company, 
were the first to explore the 
potential of amorphous silicon. 
In January 1968, three scientists 
at STL, STC's Harlow-based 
research company, published a 
paper in the Journal of the 
Electrochemistry Society on the 
preparation and properties of 
the material. The scientists 
were R.' C. Chittick, J. E. 
Alexander and H. F. Sterling. 

When STC decided not to 
exploit the potential of this 
work, the researchers passed on 
samples to physicists at Dundee 
University in Scotland. For 
the next few years, Dundee 
workers published a stream of 
scientific papers on how to pro- 
duce the material by depositing 
silicon from gaseous silane 
(silicon hydride) on a substrate 
such as glass. 

The key factor of the pro- 
cess was that it involved a rela- 
tively low temperature of 200- 
300 degree Celsius. The silane 
has to be in the form of a 
plasma (a not ionised gas) 
which- is produced by an elec- 
tric current. With the Dundee 
technique, the glass substrate 
can be moved through a 
chamber filled with gas while 
silicon is deposited in an auto- 
mated process. 

In orthodox silicon produc- 
tion, the single-crystal form of 
the element is turned out by 
cooling molten silicon, a con- 
voluted and energy-intensive 
process which needs a high 
temperature of about 1,000 deg. 
Celsius. - 



Solar collector arrays like this one at Torbay General Hospital in the UK may increasingly 
come to be based on amorphous silicon 

The Dundee development 


Applications for an adaptable element 


THE MAIN applications for 
amorphous silicon are: ^ 

• Solar cells. Total world out- 
put of amorphous solar cells is 
put at about 10 MW a year. 
(This is the volume of cells 
that can produce this amount 
of electricity!) The elictrical 
efficiency of amorphous-solar 
cells is 6-12 per cent. Output 
can be in the form of panels of 
about 1 square foot, which can 
produce 6-10 Watts. 

Besides Japanese companies 
and Energy Conversion Devices, 
another V.& concern, Chronar, 
makes solar cells .using a depo- 
sition -process based on the 
Dundee University principles. 
In a plant In Port Jervis. New 
Jersey, the company turns out 
each year cells with the poten- 
tial to produce I MW of electri- 
city. ■; . - 


It has a s imila r factory' in 
Bridged, Wales — the only plant 
in Europe devoted to solar cells 
based on amorphous silicon. 
-Next year the company plans 
to open a third facility in Lens, 
France. 

• Large-panel cells. A new 
company headed by Dr Arun 
Maden. an ex-Dundee scientist 
who formerly worked at ECD, 
plans to adapt amorphous 
silicon technology further to 
make still larger panels 
(2ft by 3ft) on substrates of 
tempered (shatter-proof) glass. 
Dr Maden is vice-president of 
Glasstecb -Solar of Denver. 
Colorado, which was formed * 
earlier this • year to marry 
tempered glass production tech- 
nology with techniques for 
depositing silicon on it. 

.JDr -Maden hopes la develop 


machines to make such panels 
in about two years. The equip- 
ment would turn out cells that 
produce electricity at a cost 
of about $1.85 a Watt, com- 
pared with today's price of 
$5410. 

0 Photocopiers. Canon sells 
office copiers whose photo- 
receptor drum contains a layer 
of amorphous silicon. In con- 
ventional copiers, the drum is 
coated with selenium. a 
material which has similar 
photoconducting properties to 
silicon but which wears out 
faster. 

In Canon's copiers, the silicon 
changes its conductivity when 
illuminated. So an image of the 
lettering and graphics on paper 
can be translated into different 
areas of conductivity on the 


drum. The charge held on the 
drum causes black toner to 
stick only in specific areas. 
When the toner is transferred 
to another sheet of paper, a 
- copy is made. 

• Anti-static and optical coat- 
ings. Mitsubishi coats some of 
its TV screens with amorphous 
Silicon to resist static. In 
Britain. PilMngton uses a 
layer of amorphous silicon in 
energy-saving glass for build- 
ings. The silicon reflects heat 
back into the interior of build- 
ing. 

• Display. Several Japanese 
companies are working on 
large displays in which circuits 
inscribed in a thin film, of 
amorphous silicon switch on 
and off liquid-crystal elements 
to make a monochrome or 
colour TV picture. 


A CRUCIAL TIME in the 
development of applications 
for amorphous silicon came 
in 1975 when workers at 
Dundee University published 
details of how they had 
altered the substance’s elec- 
tronic properties by “doping” 
the material with atoms of 
boron and phosphorus. 

The advance held out the 
prospect that the material 
co old be used to make useful 
electronic devices. After this, 
says Dr Peter LeComber, one 
of the Dundee workers, 
interest In amorphous silicon 
mushroomed- Companies 
aronnd the world took np the 
Dundee ideas, spending mil- 
lions of dollars on the 
further technical develop- 
ments needed to make com- 
mercial products. 

There was little interest in 
Britain, recalls Dr LeComber 
who, with a colleague. Pro- 
fessor Walter Spear, was re- 
sponsible for many of the 
parly papers. “We were 
disappointed to see the 
Japanese go ahead and com- 
mercialise everything first.” 
The Dundee ideas were never 
patented. 

More recently, British com- 
panies such as GJ6C and Lucas 
have taken a new interest in 
the applications tor amor- 
phous silicon in electronic 
. switching and flat screen TVs 


(this page, October 15). BP 
is financing the Dundee 
workers and other group at 
Edinburgh University to 
study the uses of the material 
in information processing. 

Dr Aran Maden, an Indian- 
born scientist who studied 
amophons silicon for bis PhD 
thesis in Dundee from 1970 
to 1973, says the university 
workers did a remarkable 
job. “We did the work 15 
years ago yet the basic 


4 We did the work 15 
years ago yet the 
basic principles 
remain the same 9 


principles remain the same.” 
Dr Maden was employed by 
ECD in Troy between 1975 
and 1982 and helped intro- 
dace the company to the Ideas 
developed at Dundee. He has 
founded a new company, 
Glasstech Solar, to develop 
other uses for amorphous 
silicon. 

Dr Stephen Hudgens, vice 
president for research at 
ECD, says the British scien- 
tists Ad “ pioneering work 
which played an important 


part in getting us to where 
we are today." Other groups 
which played a part in the 
early developments included 
a scientific team under Dr 
Helmut Frilzsche at the Uni- 
versity of Chicago. 

The Chicago workers made 
a crucial discovery in finding 
that hydrogen atoms em- 
bedded in the amorphous 
silicon played an important 
role in influencing the elec- 
tronic properties of the 
material. Without the hydro- 
gen. the amorphous silicon 
would be unable to function 
as a semiconductor along the 
lines of the crystalline 
material. 

Amorphous silicon can he 
turned into integrated circuits 
using similar processes as for 
crystalline silicon— such as 
photolithography, in which 
the positions of Individual 
circuits are defined by beams 
of tight. 

After 1975. ECD itself for- 
mutated a variation on the 
Dundee process. Instead of 
silane, it turned to silicon 
tetrafiuorlde (with some added 
hydrogen) as the medium for 
applying amorphous silicon to 
a substrate. The silicon is 
lmilt up on a steel backing 
atom by atom. Other 
materials* such as dopant 
atoms, are added in a similar 
process to modify the silicon’s 
electronic characteristics. 



Tel: Lichfield 05432 58751* 


Ansafone 
spreads the 
message 

ANSAFONE of Camberley, 
Surrey has developed the 
Multi-Announcer System SUMO 
which nukes it easy for com- 
panies with a message for 
potential customers to broad- 
cast it over Internal or 
external telephone lines. 

The system can broadcast 
information to as many as UK) 
telephone lines simultane- 
ously and plays pre-recorded 
messages twice to each caller. 
It can offer up to six different 
messages on different 
numbers. 

This easy updating of 
messages makes System 2IKH) 
suitable for supermarkets, 
cruise liners, hotels and other 
places where the information 
clients and customers need i* 
constantly changing. Only 
those with the access codes 
can comma od the machine. 

No bones 
about china 

BONE CHINA has become 
boneless china at Dud.sonS, 
the Stoke on Trent pottery 
company. 

After seven years' research, 
the company has perfected a 
form of fine china which 
retains aH the traditional 
qualities of bone china with- 
out the use of crushed animal 
bones. The product Is 30 per 
cent cheaper than bone china 
and is claimed to be stronger. 

Normally, to achieve the 
whiteness and rranslucency 
traditionally associated with 
bone china, the industry uses 
about 10,000 tons of crushed 
and calcined (oxidised) 
bones a year. 

Dud son's now achieves the 
same effect with a formula 
which is a closely guarded 
secret. Demand for the pro- 
duct has already led to the 
creation of 157 new Jobs and 
the group is spending £2m on 
Increased production facili- 
ties. Recently Dudsou’s won 
a 100,000 piece order from 
the Conrad International 
Hotel Group for the new pro- 
duct. 

More on 0782 85248. 


Company Notices 


TH* 

12U 

O'. ' 


CREDIT DTQU1PEMENT 
DES PETfTES ET 
MOYENNES ENT REPRISES 

Cenx*V tton orjMdlMd under 
Frencn l*w 

CSoettt* Anonym* d' Economic Mixta) 
po.gr ned br ita Article* IIP to ISO 
of the French law of July 24. 1066 
rewttBU to commercial Canunw 
Capital; Freed! trance J 504)00,000 
Head Otf>ce: 

14. roe do Quetre Septemore 
PARIS at . 

Com me rcial Reejner: 

PARIS A 320 252 489 

SECOND NOTICE TO HOLDERS OF 
NOTES 12MV 19S4-19P1 OP 
USU.OOO EACH 

I* holders of International gotas 

!i4% 1984-1901 tawed tjy CREDir 

EQUIP! WENT DES PETITCS ET 

MOYENNES ENTREPRISE5 who were 
called for Oetotwr SO. 1983. bems 
unable to me Ot vtnoly tor lack ot 
quorum, the noteholder* are. again 
called to an Ordinary General Meetlno. 
at SO. Did Hauasmann PARIS 9hmr 
(FRANCE) on November 14. 1985. 
at 3 pm. m order to tomWr the 
unit agenda as the one (Or the ftrst 
meeting, that Is: 

— Appointment of the. noteholder*' 
permanent i epre ee ntat i ve*. designa- 
tion 0 * the aubatitute representa- 
tives. 

— Determination of tae noteholder*' 
representatives power* and of the 
remuneration o*veo to the permanent 
■ re p r es e n tative*. 

To permit the noteholder* to attend 
or to he J apne ew ted at this meeting, 
the note* or .their deposit recent* 
must be deposited at least ftrataw 
pefor* th* data Imed for the mooting, 
at the oftee* of the benks hwrlng 
participated In tm afaeftw of there 
note* and IM woom proxMtt or 
admission cards can oe reewmted. 

- LE QIRFCTOIRE - 


STANDARD BANK IMPORT 
AND EXPORT FINANCE 
COMPANY LIMITED 

I Incorporated with limited liability In 
the Republic ot South . Africa) 
Registered oface: 

Tsoi floor. _ 

7s KM OjM umm 

each miooodiUoiialfT *nd hiewrtaWv 

dnearpommjjitti iim«m » 

CM Repu blic of Soe th Africa) 

The holders of International 8Mtlng 

riEn JBEZHBZsM 

a?®?® 

b? sssrsr 

of the. nOWboMWS' 
permanent reeresen tattve *. 

tlon of the sutat^ raaresaraaMg*-, 
— Dotormlntloo o f the MjMolOM 
S5£*«, w tl*e*- PO*«raJ»PetMW 
remuneration given ta tM permanent 

To" 

SUSISg 

must he deooeftetf a* leajtf A nting* 

pL-tiSmtad^fi the Ptacma ot Utae 
nan and from whom ffjjjtl? 


Contracts and Tenders 


ALGERIAN POPULAR DEMOCRATIC REPUBLIC 

ministry of energy * ' Chemical a petrochemical industries 

NATIONAL OIL EXPLORATION COMPANY 
NOTICE OF EXTENSION 

Tha National Oil Exploitation Company (E.N.T.P.)— 18 ROUTE OE MEFTAH — OUED SMAH — 
EL HARRACH — ALGER— hereby Informs companies concerned with National and International 
Call for Tender No. 9788/AY/MEC for tha supply oh 
PUMPING UNITS, GENERATOR SETS AND ALTERN ATOR5 
Hat th* closing date, initially, sat at 18 October 1885. has been aawndtd to 9 November 1985. 


DEFERRED PURCHASE AGREEMENT— PERMISSION 
TO TENDER 

The Isle of Wight County Council ha* revolved to jcitd a Waste Derived Fuel 

Plant oo land in Its ownership In th e Isle ot Wig ht and t o 

and construction costs by a deferred purchase agreement In accordance with 

oara 45(0 of Department of the finvlroomeat Circular Wo 9 o f 1988. Application* 

vv imbr lovrtea from WXtort bodies ■*» aooly for Mrmiwioa to tender tar 

*uct> an agreement. *oeh Pe^^^to 

County Hall. Newport, isle of WlghtFOgo tUD by ° r*«*T . 1 a th 

1985 In an envelope marfc d wne— -DEFERRED purchase agreement. 

The foils via* matters wU» peatf to bo covered In the applicat ion^ 

t. Seating uplBaootlatlng toe for a Deferred Purchase Agreement IDP At to 
finance tbo estimated £?-Sm design and construction enst of a J****® dertvod 
tael plant. Deslsn should commence before 81 March 1986. with construc- 
tion commencing In jutt l/uipust 19B6, and completion In January 1988. 

Z. The DI*a should be tor a notional period ot a (least 

• • g ive* t he ■ Connell me option to ■ accelerate or delay payments at Its sole 
s. ThST) PA* should lo no way oblige th* Cooocfl to pay a inancler In advance 

7. Kr U< anv**tarthe r *Ja5rmftfon Tremor* at th. 

address below O' telephone 0983 524031. 

M. F. LLOYD, county Secretary and solicitor 

County Hall. 


Sta^wight. P03( 
Si October. 1985, 


Company Notices 


ubrabankplc 

„m vipomdinEesIdiideakl^leMlfl 
US$ MW .000.000 
Subordinated Floating 
Rate Notes due 19M5 

Notk-c a hcfi+y pHcaihdi ihc InWat 

cssK^-^'Sassi 

Banqtte Paribas. LoB*W Brow* 
AsrnlBanL 


1STITUTO BANCARIO 
SAN PAOLO D! TORINO 
ECU 3WWMJ00 
14}% — 1N1/1NB 

Wo inform Bondholder* that the 
Ecu 7.500.000 d K'± 

amortfaation on December 3 IBM 
has boon mot .by A draw by tot »n 
the orcaonc* of* Joanna 

HOU&E. Notary iKibllc in Lvxam- 

CdSmMW.< 7500 bonds ot 
Ecu 1.000 numbered: 

. A-l ID 10702 inelBslva 
wilt be redeemable at par. coupon; 
on December 3 1886 amt 
attached, ■■ from December 3 19», 
date at which they will. c*aee-to 

Redemption of bond* and parmeni 
of interests will P'«* 81 *•* 

CREDIT^ IvONNAlS. Luimmbounfl 
BANQUE NATIONALE DE PARIS. 

oi TORINO. Turin 

Outataitdlns amount after title first 

amortisation: 

Ecu 6ZJOO.OOO. ThB ^ 

CREDIT LYONNAIS 
..... . : LUXEMBOURG 


5PAREKAS5EN 5DS 

(A savings back astabitthad seder 
DanBb tanking L*w) 
Rcgdterad nr 8 Kongwts NHorf DK 
1050 COPENHAGEN K. 

FIRST NOTICE TO HOLDERS OP 
SUBORDINATED SONDS 
101}% 1994-1991 OP 
ECU 1,000 EACH 

Appointment of «ur bondholder** 
pormsnent representatives, designa- 
"" wbstiWte ra 


tton d the ml 
tivea. 

—Cater ml nation of the bondholder*' 
reprcSMtatlva£* powers and of the 
la niu uw at lop given to the permanent 
rapresanthttves. 

To permit the bondholders to attend 
or to be rapresented at this meeting, 
the bonds or their deposit rmiw 
must bu taposRad at laut ftva oavs 
before ow date Med far tfra meeting, 
at the ef*ces of the banks having 
participated in nr placing of these 
and from whom proxies 


This meeting stall be validly bold If 
the holder* of twcmr-fivc per cant of 
the outstanding bond* art present In 
person or rapreawited. 

THE ISSUER. 


Clubs 


sd the other* because o »_a 
piav and tala* .tar money. 

10-8.0 .am. Disco .and too 

musician*, glamorous hoctasiaa. exciting 
nooranowsi 189 Regent St. 01-784 OSS7. 


EVE has. outlived the ot 
BoHcy ot-tair pia ■ 
Supoer from H>- 


CONTRACTS 
and TENDERS . 
ADVERTISING 

appears every 

MONDAY. 

The rate is 
£35.50 
per single 
column centimetre 


BANQUE NATIONALE 
- DE PARIS 

Floating Rate Note Issue of 
USS 250 million 
January 19W/88 

Tha rate ot imamt applicable for 


the til rad month period basin 
31 October 1 S 8 S and sat by n 
reference agent Is 84 % annually.. 


CHEMICAL NEW YORK COUP 
U3J3DO.OOO.OOO FLOATING RATE 
SENIOR NQTES DU E 1999 

In accordance with the prevision* el the 
Naiaa. Notice is. Hereby Given that lor 
the Interest period from October Sitt. 
1085 to November zfltfi. 1085 Ore Nates 
carry an interest rata of tan Par cent 
par annum. 

, The Interest My* Me on tb* relevant 
Interest nsyment data, Novemeer 29th, 
1985 anhiat coupon No, 12 will be 
U.S.S6&05 Per u.s.si o.ooo Note 

Agent tank 
CHEMICAL BANK 


Art Galleries 


ROMI ti darby, is. Cork Street 
LOBdM Wl. 01-784 79H4. P. W. STEER. 
imd Exnibttlon. 


COPPER SMELTER AND REFINERY PROJECT 

IN PORTUGAL 


COPPER PROJECT 


PRE-QUALIFICATION FOR GENERAL CONTRACTOR 


1. INTRODUCTION 

QUIMIGAL - QUfMtCA DE PORTUGAL. E.P. 
is a Portuguese State-owned corporation with 
the objective of developing activities in the fiekts 
of fertilizers, chemicals and non ferrous metals. 

By the Decree Law 158/82 of May 6. and the 
Ministerial Orders 88/82 of December 16 
A-210/84 of September 26, and 183/85 of Sep- 
tember 17, QUfMfGAL was commrted with an 
active participation in the implementation of the 
Project mentioned In the title, to be instated in 
an industrial area on the southwest coast of 
Portugal to grant a maximum added vahie to the 
copper concentrates from Portuguese . mines 
(namely Neves -Corvo). 

Under these dravnstances, QUMIGAL announ- 
ces the starting phase tor the pre-qualification 
procedure leading to the selection of the Gene- 
ral Contractor for said Project to be accompli- 
shed in a single responsibility contract. 

2. PROJECT 

The COPPER PROJECT is envisaged for the 
production of 100,000 MTPY of « higher grade- 
copper cathodes. This production wiH be mainty 
based on domestic sulphide copper concentra- 
tes from the mines of Neves-Corvo, eventually 
supplemented by raw materials from other sour- 
ces. 

This Project wilt consist in the fbtiowing areas: 

I • concentrate receiving and feed preparation 

• copper fe8b smelting 

• copper refinery 

• oxygen production plant 

• SOz gas processing (sulphuric acid pro- 
duction) 

• waste heal steam recovery 

• storage aid handing facilities 

• off-sites and per internal housing, roads, 
power supply plait services, etc. 

II The magnitude ot total investment for the 
COPPER PROJECT is estimated at about 
300 mMkon USD (constant prices 1984), in- 
cluding interest during construction. Foreseen 
engineering and construction period: 1987- 
-1990. 

a IMPLEMENTATION 

The overal implement a tion of COPPER P RO- 
JECT wW be accomptisfted on a tum-key basis, 
starting from the following information to be 
supplied by QUMtGAL 

— Basic and general data, criteria and specifi- 
cations (to be detailed el a later stage) for a3 
areas: 

— Basic engineering for copper smeftor under- 
stood as concentrate dying, charge prepa- 
ration, smelting furnace, heat recovery, slag 
treatment; 

— Conceptual arrangement for the converter 
aisle and anode casting. 


The maximum utilization of Portuguese services 
and equipment is encouraged- 

4. JOB ASSKSNEMENTT FOR GENERAL 
CONTRACTOR 

The work shad be performed in accordance with 
the General ContStions (to be set forth at a later 
stage) and shall indude: engineering and de- 
sign services for the completion of the aforesaid 
facilities, including basic angmeering (except for 
the copper smelter area as defined before) and. 
detailed design, preparation of layouts and Dow 
diagrams, equipment specifications, plot plans, 
operating manuals, construction drawings arid 
specifications, procurement and supply of 
equipment and materials, overall project mana- 
gement. construction and start up. 

5. APPLICATION FOR REGISTRATION 

interested candidates (firms or consortia (i)) 
shafl submit, for this first pre-qualification 
phase, an application file in English, French or 
Portuguese language, detaihng information on: 

— ability and experience lo undertake tum-key 
projects of this type and size; 

— performance records for similar metallurgical 
Projects; 

— experience in projects handled in Portugal 
and experience In cooperation with Portu- 
guese suppfiers for services and hardware; 

— outirne ot fi na ncing possibilities proposed for 

ttite project; 

— Project management and handling procedu- 
res as weti as project control philosophy, 
considered adequate to this case; 

— engineering capacity ovaBable per ctisdpfirte; 

' — execution scheme considered tor this project 
taking into account the use of domestic ser- 
vices and supplies to a maximum reason- 
able extent; 

— number of weeks for the preparation of a 
proposal for such a protect and time sche- 
dule of atrebr projects if available; 

— work bad as a percentage of total capacity 
for the period 1986-1989 and back up re- 
sources; 

— Annual report and financial statement (3 
latest year): 

— financial background and hank references? 

— fist of possible process licensors to be con- 
sidered for the engineering oh copper refin- 
ing plant, sufohurfc add, oxygen plant, turbo 
generator unit; 

— eventual interest in equity participation. 
QUIMIGAL reserves the right to: 

— confirm the information received from the 
candidates. 

— reject any candfoates, 

— postpone and/br cancel next phase of pre- 
quaiifiCBftort procedure. 


The candttates must be prepared to submit 
additional information or other evidence of their 
ability lo carry on the COPPER PROJECT if 
called upon to do so by QUIMIGAL 

6. ADDRESS 

The canddates interested in being prequalified 
should forward by registered mail their applica- 
tions in 3 copies to: 

QUIMIGAL - Ouimica de Portugal. E.P. 

Copper Project Executive Division 
Pre-qualification and Biding Procedures 
Apartado 3235 
1306 LISBOA CODEX 
PORTUGAL 

The application must be received no later than 
the January 15, 1986 at the above address. 
Use the above address, only, QUIMIGAL win 
not become responstole for documentation mis- 
carried or delivered after dosing date if other 
than mentioned address is used. 

QUIMIGAL reserves the right to decide if any 
appficaiion for registration received bier than 
the aforesaid data is to be considered or not. 

7. PRE-CKMLtFJCATTON CRITERIA AND 
PROCEDURE SEQUENCE 

Some of the factors id be considered in this pre- 
quafificatton phase are: 

— previous confirmed experience in similar 
metallurgical projects; 

— process licensors for the areas to be engi- 
neered as mentioned m item 4; 

— envisaged project organization; 

— proposed practices to deal with domestic 
engineering, equipment and services supp- 
Bers. 

The canddates whose application tar registra- 
tion in this first pro-qualification phase have 
been accepted, wa receive a Pre-qualification 
Inquire File that wW allow them to step up to the 
test phase before biding. 

8. NON EXPERIENCE CANDIDATES 

Carxfidates who have no experience in dealing 
with projects with such a dimension and type 
shall not apply. 


(1) TaWng l«o aeoou« that only ana responsible entity 
before QUIMIGAL wifl De accepted. 



r 


\ 









rrmmt 




22 


UK COMPANY NEWS 


Financial Times Monday November 4 1985 

RECENT ISSUES 


Liechtenstein bank raising 
£10m for German trust 


THE Prince of Liechtenstein's 
private bank is raising 1 up to 
£10m for an investment trust to 
invest in Germany. The German 
Securities Investment Trust will 
Invest in major German com- 
panies, principally those in- 
cluded In the FA Z Index. 

Bank in Liechtenstein's Frank- 
furt subsidiary, which began 
operations in January, will pro- 
vide investment advice for tlr 
trust, which will be formally 
managed by the London division. 
Liechtenstein (UK). The invest- 
ment advisers include several 
former executives from the in- 
vestment department of 
Schroeder, Miienchmeyer, Hengst 
and Co. the Frankfurt bank now 
owned by Lloyds Bank. 

Shares are being issued at 50p 
partly paid, with a further 50p 
payable on February 28 1986. 
In addition, every five shares 
carry one warrant, exercisable on 
January 31 each year from 1988 
to 199L to subscribe for ordinary 
shares at £1. 

Half of the 10m shares being 
issued are underwritten by the 
sponsors, Liechtenstein (UK). 

The company must be wound 
up in 1996, and winding up must 
be considered at an extraordinary 
general meeting in earlier years 
— unless this is voted against 
at the annual general meeting. 


The managers intend to borrow 
immediately Ibe £5m that will 
be received in February when the 
second payment is due. Money 
raised in the issue is expected 
to be transferred immediately 
into Deutschemarks, as the 
managers anticipate a fall In the 
value of sterling prior to Its pos- 
sible entry into the European 
Monetary System. 

Although the West German 
market is at a very high level, 
the investment advisers still 
regard some sectors as under- 
valued, and plan to begin to in- 
vest the money raised very soon. 

The issue closes on November 
12, and dealings in the shares 
with warrants attached will begin 
on November 15. The warrants 
will be separated in May 1986. 

Savory Milln is stockbroker to 
the issue. 

® comment 

The logic of a partly paid issue 
is unclear when the German 
Securities Investment Trust 
plans immediately to borrow the 
full amount of the call, but Bank 
in Liechtenstein is dearly tak- 
ing every precaution against the 
shares falling to a discount. 
With the FAZ Index nudging 
600, however, investors will be 
more worried about the dis- 
tinctly frothy look of the Ger- 
man market Bank in Liechten- 


PENDING DIVIDENDS 

Dates when some of the more important company dividend 
statements may be expected in the next few weeks are given in the 
following table. The dates shown are those of last year's announce- 
ments except where the forthcoming board meetings (indicated 
thus*) have been officially notified. Dividends to be declared 
will not necessarily be at the amounts in the column beaded 
“Announcement last year.” 


Date 

Aitfcen Hume ...Oct 30 
Akroyd and 

Smi there... Now 20 
Allied Lyons ...Nov 27 
•Amersham 

international. ..Nov II 
Argyll Group ...Dec 4 
* Aa&ociaied 

British Foods. ..Nov 4 
Associated 
Newspapers.. Jan 9 
■Aust and NZ 

Bank.. .Nov 18 
Avon Rubber ...Dec 5 

BOC Dec 6 

*BPB In da Nov 26 

•Bank aF 

Ireland Nov 14 

Bees Dec 6 

Beecham Nov Z7 

•Boots Nov 21 

Borthwick (T.) Nov 29 

Burton Nov 13 

Cable and 

Wire less... Nov 28 

Cape Inda Dec 5 

■Chloride Dec 10 

Common 

Bros Nov 14 

•Courteulds Nov 19 

•Dawson 

International... Nov 2B 

•De La Rue Nov 12 

■Elec mo- 

components. ..Nov 5 
■English Chine 

Claya.-.Dec 12 

Extel How 22 

Ferguson 

Industrial... Nov 12 

Feiranti JDbc 6 

French Kier ...Nov 22 

GEC - Dec 4 

GEI Inti Nov 13 

Gill end 

Duflus Oct 24 


Announce- 
ment last 
year 

Interim 2.25 

Final 12.5 
Interim 10.4 

Interim 2.2 
Interim 2.1 

Interim 1.7 

Final 9.5 

Final 15c 
Final 3 
Final 4.55 
Interim 3.1 

Interim 5.5 
Final 9 .6 
Interim 5.1 
Interim 2.2 
Final 0.25 
Final 4.5 

Interim 2.9 
Interim due 
Interim due 

Final nil 
interim 1.4 

Interim 2.6 
Interim 8.25 

Interim 1.B 

Final 6 
Interim 1.5 

Interim 2.5 
Interim 0.12 
Interim 1.% 
Interim 1.35 
Interim 1.94 

Interim 4.0 


Date 


Announce- 
ment laBt 
year 
Final 4.1 


Granada Dec 5 

Greer Portland 

Estates. ..Nov 14 

GUS Dec 6 

■Habitat 

Mothercare...Dec 5 

Hambros Dee 4 

Henson Trust ...Dec 6 
•Heath (C. E.)...Nov 19 
•Hop worth fJ.) Nov S 

•Hill Samuel Nov 8 

Hunting 

Gibson. ..Nov 12 Interim 0.20 

Inti Signal Nov 14 Interim 1c 

Kwik Save Nov 15 

LHC Ind Nov 21 

•Lend 

Securities Nov 13 

■Lucas Inds ...Nov 11 

•MEPC Nov 27 

•Metal Box Nov 18 

Pegler- 

H a tiers ley... Dec S interim 5.25 
Polly Peck 

Inti Dee 4 Final 2.5 

Powell 

Duffryn Nov 22 

RHM Dee 4 

Redland Nov 29 

Rothmans lnt...Nov 29 
Royal Bank 

Scotland... Nov 29 final 5-2 

*600 Group Nov 28 Interim 3 .343 

•Sainabury 

(J-)..-..Nov 5 

Sketch lay Nov 21 

•Smiths Inda ...Nov 13 
Trafalgar 

House... Dec 4 

•Unigate Nov 27 

Valor Nov 15 

Wedgwood ...Nov 23 

•Whitbread Nov 20 

8 

Issue since made! 
issue since made. 


Interim 1.0 
Interim 6.25 

Interim 2.4 
Interim 20p 
Final 3.25 
Interim 5.0 
Final 5.5 
Interim 3.25 


Final 2.8 
Interim 1.3 

Interim 2.8 
Fine! 6.0 
Final 6.5 
Interim 8.1 


Interim 5.0 
Final 2.758 
Interim 2 2 
Interim 2.2 


Interim 1.4 
Interim 4.3 
Final 9.25 

Final 5.3 
Interim 3.0 
Intanm 1.236 
Interim 2.75 
Interim 2.05 


* Tex free. 
1 Forecast. 


S Scrip 


stein’s research chief Mr Michael 
Zapf argues that the market is 
still within its normal p/e range, 
and can move .higher on the 
basis of increased earnings next 
year — but even he sets an 
FAZ target of only 630 for 
1986. Whatever the pressure oo 
German investors to rebuild 
their slender domestic equity 
holdings, a correction must look 
Imminent. This places a ques- 
tion mark over the fund mana- 
gers’ keenness to invest quickly. 
The German economy’s funda- 
mentals, on the other hand, are 
harder to quarrel with, and long- 
term Investors may have some 
fun backing Zapfs idiosyncratic 
Investment style. He and his 
team have been In operation at 
Bank in Liechtenstein for only 
a matter of months, but they 
have already won a reputation 
among fund managers for pro- 
ducing by far the most original, 
though sometimes quirky, re- 
search to come out of Germany. 
Connoisseurs will compare bis 
performance with interest to 
that of his former colleagues at 
Schroeder Muenchmeyer Hengst, 
who advise Lloyds Bank's Ger- 
man Smaller Companies trust 

C. H. Bailey 
boosted by 
rates refund 

An exceptional rates refund 
has enabled C. H. Bailey, the 
South Wales ship repairing, 
engineering and leisure group, to 
produce a profit of £204,000 in 
respect of the year ended March 
29 1985, compared with £12,000. 
The refund was £301,000 and in 
respect of prior years. 

Turnover in the year rose 
from £5. 16m to £6. 67m. After tax 
£34,000 (£7,000) and minorities 
loss £71,000 (£32,000), the net 
profit is £241,000 (£37,000) for 
earnings of 0.4Q2p (0.062p). 

There is an extraordinary debit 
of £718,000 (£221m) being the 
amount written off for assets 
which are not utilised, less 
minority share. 

Share stakes 

Changes in company share 
stakes announced over the past 
week include: 

Boase Hassimi PoIIitt — The 
following directors disposed of 
shares: Mr D. A. Batterbee 60,000 
and Mr Martin Boase 275,000 
shares. 

Rectdtt and Column — Director 
Mr T. J. A. Colman disposed of 
20,000 shares, reducing his total 
holding to 494,426 , 0.33 per 
cent). 

Allied Textile — Mr David 
Feamley, a director, acquired 
21,375 ordinary shares. 

Acorn Computer — The follow- 
ing directors disposed of shares: 
Mr C J. Curry 25,000 ordinary 
and Mr H. M. Hauser 25,000 

Cl off Oil — Director Mr J. G- 
Cluff purchased 25,00 ordinary 
shares. 


Regentcrest 
profits 
down to 

£102,000 

Regentcrest. property group, 
turned in reduced pre-tax profits 
of £102.000 in the year to April 
30, 1985, compared with £216,000 
previously. The dividend, how- 
ever, Is raised by 50 per cent 
from lp to lAp net. 

The directors report that in 
the early months of the current 
year there has been little change 
In the company's profitability. 

They say their first objective 
is to establish a firm base on 
which to build the company's 
future. To this end, Regentcrest 
is converting to cash and 
realising profits where possible 
from most of Its existing proper- 
ties or investments. 

This has improved liquidity so 
that new investment and 
development projects can be 
undertaken. Several proposals 
are being considered and it is 
hoped to announce an initial 
sizeable acquisition in the near 
future. 

Losses of £423.000 (net of 
£30,000 tax benefit) were 
incurred by the Morieys Estate 
Agency, a subsidiary, during 
trading for the first six months 
of the year and on the subse- 
quent disposal of its business. 
This loss has been treated as an 
extraordinary charge, since it 
has not been practicable to 
identify that part of the deficit 
that relates to ordinary trade 
As a result, the special pro- 
vision of £350,000 made at the 
interim stage against possible 
losses on the sale of Morieys 
Estate Agency has been 
increased by £73,000. 

Turnover for the year 
amounted to £L36m (£784,000). 

Tax. took £9,000 (£96,000) and 
earnings per lQp share showed a 
decrease from 0.82p to 0.61p. 

Windsor Securities 

The board of Windsor 
Securities has announced that it 
is poised to acquire the share 
capital of Lander Investments — 
primarily for its own shares. 

Windsor Securities is an insur- 
ance broker which was the sub- 
ject of a successful, but contro- 
versial, takeover' by the manage- 
ment of Lender Investments — 
a private insurance company — 
in June. Lander is now the largest 
shareholder in Windsor. 

Mr John Carr, the chairman 
of Windsor, said that discussions 
were proceeding with other 
potential acquisitions and Joint 
ventures, but the directors were 
□at aware of any short-term justi- 
fication for the recent rise in 
the price of the shares in 
Windsor. 


Rothschild in £17m 
sale of US holdings 


FT Share Information 

The following security has 
been added to the Share 
Information Service: 

Kewill Systems (Section: Elec- 
tricals) 

National Home Loans Corpora- 
tion (Trusts -Finance Land) 
Nevl Baltic, Ordinary and 7pc 
Cnv Cum Red Pref (Trusts- 
Fi nance Land). 


BY CHARLES BATCHELOR 

J. Rothschild Holdings (JRH), 
the investment company headed 
by Mr Jacob Rothschild, is sell- 
ing large holdings in two of its 
US investment operations to UK 
institutions in a deal worth 
S2Sra (£ 17.3m). 

JRH is selling up to 75 per 
cent of the recently-acquired 
portfolio of Charterhouse Group 
International (CHUSA).a com- 
pany investing in US industrial 
companies. The buyers are a 
group of institutions, including 
Electra Investment Trust, Globe 
Investment Trust; Slough Estates 
and Charterhouse Japhet 

This group will also take over 
the business and operations of 
ChiLsa while JRH will be left 
with a 25 per cent stake in the 
portfolio. Excluded from this 
deal aretwo or three ’’mature" 
Chusa investments which JRH 
intends to dispose of. 

In addition, JRH will sell 50 
per cent of its holding in Hez- 
-zanine Capital Corporation, a 
company managed by Chusa, 
which specialises in finanring 
acquisitions, mergers and lever- 
aged buy-outs in the US. 

Net proceeds of these deals 
to JRH will be about $25zn. It 
declined to disclose how much 
will come from each sale. 

Mr David Montagu, deputy 
chairman of JRH, said: "This 


reflects the desire of Chusa to 
widen its shareholder base. The 
deals are so big it is better to 
have a plethora of shareholders 
rather than just one.” 

jRH*s continuing investment 
in US development capital acti- 
vities will have a net asset 
value of 833m, the company said. 
Disposals made since March 
1985 and not included in the 
latest transaction amounted to 
533m and have realised "signi- 
ficant profits,” itndded. 

Chusa intends to expand Its 
investment activities into the 
areas of international joint ven- 
tures in leveraged buy-outs and 
turn-round situations. 

Mr Montagu denied that the 
reduction of JRITs holdings In 
Chusa and Mezzanine meant it 
was reducing its Investments in 
the US. 

It has recently been involved 
in major U.S. mergers including 
the S34Qm acquisition last April 
of Central Soya, an agricultural 
company. It also took a stake 
in a bid from General Oriental 
Securities for Crown Zellerbach 
Corporation, a paper producer. 

Mezzanine has a London 
Stock Exchange listing and last 
week completed its most ambi- 
tions deal, the S94m takeover of 
Dale Electronics, jointly with 
another US group. 


Solex in receivership 


Solex, the carburettor-maker, 
the shares of which were sus- 
pended from stock market deal- 
ings last Wednesday, has gone 
into receivership. Mr Michael 
Jordan and Mr John Powell of 
accountants Cork Gully hava 
been appointed joint-receivers at 
the request of the Solex board. 

Earlier this year, Solex, which 
is ultimately owned by Matra, 
the French defence, electronics 
and car components group, made 
an unsuccessful attempt to refin- 
ance its activities. At its 40p 
suspension price last week it 
had a market valuation of just 


£2m. 

The receivers said over the 
weekend that So I ex's trading 
operations were continuing for 
the time being while an attempt 
was made to sell the group as 
a going concern. 

Solex made a pre-tax loss of 
£715,000 in the first half of 1885. 
compared with a profit of 
£220,000 in the previous first 
half. In addition it made an 
extraordinary loss of £517,000 
this time. 

It has boosted its poor trad- 
ing results in recent years with 
the sale of investments. 


RESULTS IN BRIEF 



. 


BANK LIMITED 



NEW ADDRESS 

On Monday, 4th November 1985 
the business (and the registered office) 
of UBAF Bank Limited, London 
is transferred to 

30 GRESHAM STREET 
LONDON EC2V 7LP 


TELEPHONE: Main Switchboard (01) 606 7777 
Dealers: (01) 600 0732/3/4 
(01)6000777/8/9 
(01)600 8525/6 

TELEX: 

(unchanged) 

Main Number 22961 
Dealers: 885653/4/5 

FAX: (01)600 3318 


BERRY PACIFIC (Sterling) 
Fund increased net income to 
£270,108 (£135,802) for the half 
year to September 30, 1985. Net 
assets at end September were 
£1 8.94m (£28. 71m). 

GRESHAM HOUSE, investment 
trust, made a pre-tax profit of 
£287.000 (£1S5,000) for the six 
months to June 30 1995. An 
interim dividend of 1.4p (same) 
is being paid. Earnings per 
share were stated at 5p (3.6p). 
SHIRES INVESTMENT TRUST 
increased its net asset value per 
'share from lS7.32p to 219p as at 
December 30 19S5. Net revenue 
after tax for the six months was 
£535.000 (£225,000). Earnings per 
share were 5.09p (6J27p) basic 
and 5.73? (6.27p) fully dilated. 

J. SMART & CO. (CONTRAC- 
TORS). Edinburgh-based build- 
ing contractor, reported taxable 
earnings for the year to the end 
of July 1985. up by 45 per cent 
from £S70,OOO to £L2Sm on turn- 
over up from £ll.S3m to £ 12.07m. 


From earnings per lOp share of 
7.8Sp (6.5Sp) a final of 3.15p 
(2.85p) is being proposed, 
making a total of 4.35p (3.95p). 
STORM GARD, an investment 
company, reports a taxable profit 
of £37,898, against £33,775, for 
the first six months of 19S5. 
Earnings per share were 0.6p 
(0.5p). There is no interim 
dividend (same). 


EQUITIES 


i 


“rJ ■— IlM 


, High i LOW . 


B9 FJ>J 7<11 105 

— (F.P? B;10 7 

— if.P. — 3 

ZB5 |F.P» L'll 833 

9 BO iF.PJ B:ii;iaa 
1 O 1 5ffl - ! M 

;f.pJ B.- 13. 133 
jF.P.i ail! 96 
V.P.; 6(12,170 
■F.P.I — 109 

IF.P.J Hill 78 
.F.P. 1811 11 10 
:FJ»J — j 73 
,F.P.,30<10! 96 
T.P- ail: 63 
•FJ».t — i 72 
:F.P.a5.101B7 

ifj*.; a-u ioo 

111 1.473 

r.p^aam ins 

|F.P-23(11100 

If.pI! — • 23 


|123 

IBB 

180 

93 

(73 

120 

(72 

*94 

162 

467 

J180 

495 

B3SO 

3173 

IOO 


97 

6 

3 

[202 
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32 
123 

i 01 
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1X02 


a. So. _1Q5 |* I A3ZX1 3.0 1.717,0 

Pfd. ON. 1 7 | .. . ; -TH — t — _ 

,rr*nts»— i - *r _ “ > ~ — 


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.sssasJsffiE'g!: 

!*cJ\*a. so. iifB : • 

•frCowoile. — 1 JfJ i 

Oavkleon P«reolgP : J63 ! ■ 

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tIS. 0.3.0; a,* 8,3 


bet-73! s.r ao.u.o 

DBS. ft 2,6' 4,111,4 
b9*A' 3.7! BJtJ.B 
; bgajr 4.3 2.9.11.9 
be 1.6 2 .t[ S.1-H.0 


:,s p-isss sum 


\ 70 
7U 
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4- Gibbon i . 
.•Mnfreftod < 
-f-Juat Rubber 


iop. :*o* I-* ; 

W5tt:.:i8 =.{ 

bbor lOp._„' M j . 

■ 70 ,*M«tsee ioo. u “ M rason: a * ■ 

1165 -t-Quoatot * op- »*2S 1 ' ' S'fi «n' !•*£ 

IS*! SttYO’e • •• - • * 75 -• . 

Il80 !*stutn*wtek lp 1BO [— • ; uSAe, ~ I *J» 


«t.3c 5.2 1.7 - 
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0924.4 — ; 4911,0 


sit airare inw—* i-v-rr , ■ 

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FIXED INTEREST STOCKS 


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29*8 Australia Ln. 2012^— . .. 

271-iBank of Greece XO'rtLn. SOIO.. • *»•» - J e 

100 Bremnor 10*. Ow. Un*. ut. 1OT3 ...... 110 > 

110 Brit. Boiwol 13t Conv. Une. Ln. 1993, 150 . . .. 

SSaa'BrlMOn Eet-lO^t 1st. Mort. Deb. »» 88 


S7.S0S £30 | — ; Mlj: 

191.444X30 17ll ! 29s«: 

I F.P. - 1 HO 

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■STft ;s»!n 200 Ta; looTH Eo5^’urr*water »T^* toupeD.MK^eJOoia' 
J9SL324X40 i 3: 12 44u| 401, A Gt^^.llMW«»»tortD*D.Mte 
<S97.6ir£25 [Sill- 27S«: ZSSjEvatre of Lnedell* B7t|. ..... 

(99.97 J FJ*. — • 1011s! 100 ^ Hampton Tat. 11 a* 1 j* *3t g Peb HO. IOOV^i* 

SS.e03i£2S — ; 261*1 33 Ja Haalemeje lOist Irt Mart. 2016 ^ 23b, .. 

B8.466 11:20 124,-1 ! 32 >S 39Sa,lnU. BH. tor Rbc. *p ay. »»nu » Oto si.k 
100 250 13,'Tl BO I 46 .Nat Home Loane Cnv. UnaXn. *485 46 ■ _ 

— fS. - looial 99ie Wbanwkrtjlre't 60»- 15'?£Si gS#-- 1 * 

— F.P.I - ■ BBre! S3 a Do. lib* Me. 20:10:86 ...^i Mb 

IBB 43 )223 i21'3 1 23 23 u Peachey Prop. HU* lit Mart. Dob. SQ IS 23 t 

— P F.P. |22i11' IXBp I llOp Plttarel 9*9% Cum. PreT .... 

959.9671 f.p. I — ! 40 W 40i s ;safewny Deop Die. steppea Ui.ml1 


UBp! 
601*:— »e 


RIGHTS OFFERS 


Issue 

price 

Amount 
paid up 

i Latest ! 
Renunc. j 

1 date ■ 

* 1 

1985 

i Stock 

i 

Mlgh 

LOW 

55 

F.P. 1 

27/11 f 

6 « i 

63 

(Bresway lOp 

60 

F.P. 1 

I 21:11 | 

88 • 

75 

Crowther M> 

165 

F.P. 

6(11 1 

827 ; 

180 

,DRO— 

100 

Nil 1 


36 pm. 

28 pm Garfunkcit' Rost. 10 s .. 

225 

F.P. | 

! 6/13 | 

363 | 

280 

ML Hldgs 


.+« 


33 j 

89 { 

824 >-l 

arui 


Renunciation data ueuaBy laat dev (or dealing tree el OKsnip duty. 8 Figures 
based on D'ospeetue Mihuun. g Auumed dividend and yield. K Diyitiand 
and Yield based on prospoetue or other official ostlnatfts lor I960, u Forecast 
oiberwiee buUooMd. 4 Inoad by lander. ( Offered bakfara at ordtoary 
a bare* as ■ “ rights.** •• Issued by way d capDaflsatioa. If IMatraducad. 
VI la sued In connection wlib reorganlsatkM neigar 01 t ak aaver. ■ ABabnam 
price. 71 Dealt in under Rule 536(3). ft Dealt (n under Rule 535 (4) (a), 
t Units comprising S ordinary shares and 1 warrant. 


BOARD MEETINGS 


TODAY 

Interims— Associated British Food*. 
Bis 1 chi Tin. Geera Gross, Lifecare 
Interna liana 1, Oxford Instruments. 
Tysons (Contractors). Wire and 
Plastic Products. 

Finals — Bndpon-G undry, Cramphom. 
FUTURE DATES 

Interim*— 

Courteulds Nov 19 

Fob International Nov 7 

Framlington Overseas Income 

and Growth Fund Nov 7 

LCP - Nov 14 

Land Securitise Nov 13 

Leigh Interests Nov 25 

Outwich Investment Trust ... Nov 11 

Scantranic Nov 14 

Fins l*— 

Aranson Nov 8 

Bellway Nov IS 

Concentric — .. Nov IB 

Wemvss Investment Trust ...... Nov 7 



Notice of Early Redemption 

The Fuji Bank, Limited 

US$30,000,000 

Caflabie Floating Rate Certificates of Deposit 

issued I6S1 December. 1981 Matunry 18th December, 1986 

Callable December, 1985 

Notice is hereby g v*n in accordance wilh Clause 5 of the Certificate of 
Deposai (the -Cerbl.caies') mai pursuant to Clause 3 ol the CerfficaiBa, 
The Full Bank, Limited will repay all of the outstanding Certificates on 
I8tn December, 1985 at then’ principal amount. 

Payment of the principal amount, together wfth accrued interest wil be 
made on the repayment date against presentation and swrender of the 
Certrfkaies at the London Office of The Fufi Bar*, Limited, 25/31 
Moorgaie, London. EC2R OHO. 

interest will cease to accrue on the Certificates on the repayment dale. 

Bank of America International Limited 

Agent Bank 


Granville & Co. Limited 

Member of The National Association ol Security Dealers 
and Investment Managers 

8 Lovst Lane London EC3R 8BP Telephone 01-621 1212 

Over-the-Counter Market 


CapitaMMi". ChBnB „ 

^ faWe Company Price on week 

4.475 Aan. Brit. Ind. Ord. ... 131 — 

— Ass. Brit. Ind. CULS... 137 — 

3.357 Alreprung Group GB 

1.12S Armitaga and Rhodaa... 43 — 

32.991 Banian Hill 183 +3 

3.028 Brey Technologies 55 — 

523 CCL Ordinary 151 —2 

1.288 CCL llpc Conv. Pf. ... 103 

7.498 Carborundum Ord. ... 125*d —1 
667 Carborundum 7J5pc Pf. 93 +1 

4.070 Deborah Services 53 +1 

3,034 Frederick Parker 21 — 

1,458 George Blair 77 

1.828 ind. Precision Castings 45 

1 4.738 Isis Group 1B5 —5 

S.572 Jackson Group - 107 — 

38.331 Jamas Bur rough 282 4-8 

3-293 James Bu trough 9pcPf. 95 +1 

8.232 John Howard and Co... 79xd —5 

3-240 Linguaphons Ord 180* 

— Linguaphons 10.5pc Pf. 90s — 

16.365 Mlnihouse Holding NV 570 

775 Robert Jankmg 7B —2 

1JBO Scrutuna *'A“ 31 _ 

1.680 Torday and Cariiale ... B8 

1.473 Trevian Holdings 320 — 

5,485 Unllock Holdings 35 

14.101 Walter Alexander no — 

4,668 W. S. Yeataa ............ 2W _ 

Prices end details of aenricaa now available on 
S — Snip end ad. 


Gross Yield 


Fully 

dlv.(p) % 

Actual taxed 

6.6 

5.0 

7.3 

8.7 

10 A 

7.3 



8.4 

11.0 

9.7 

12.6 

4.3 

9-B 

5.B 

6J 

4.0 

2.4 

2D.9 

21.7 

3.9 

7.1 

6.7 

7.7 

12.0 

7.9 

3.7 

3.5 

15.7 

16.2 



4.9 

3.9 

6Jt 

9.7 

10.7 

11.5 



7.0 

13.2 

6.5 

7.3 

— 

— 


__ 


— 

3.1 

S.7 

3.0 

6.6 

11.9 

9.9 

1S.0 

8.1 

14.2 

21J 

5.5 

5.1 

7.2 

7.2 

lb.0 

5.8 

8.1 

At 

i2.g 

13.3 



5.0 


B.3 

10.0 

— * 

■p— 

B.B 

6.9 

15G 

16.7 



6.9 

1.2 

24.9 

237 

— 

— 

8.9 

21.7 


w 


7.9 

5.0 

7.4 

3.4 

6.2 

4.3 

1.3 

18.2 

17.9 

2.1 

B.4 

9.6 

9.3 

a.a 

8.0 

6.2 

7.6 

17.4 

8.7 

B.7 

9.9 

Prastal. page 48146 . 


LADBROKE INDEX 

1 .066-1,070 ( + 7) 
Based on FT Index 
Tel: 61-427 4411 


FINANCIAL TIMES STOCK INDICES 


! 

Oct. » Oot. 
31 60 

Oot. 

29 

OeL 

28 

Government Sees. 

83.B3 

63.96 j 84.04 

63.84 

83.60 

Fixed Interest. 

89.67 

89.64 j 89.99 

89.48 

69.52 

Ordinary — 

1070.6 

1069.1 1 1067.3 
1 

1061.3 

1048.6 

FT- Act Aii.Share.... 

672.15 

670.64 ! 669.16 

664.04 

668.12 


Oct. 

SB 


198B 

High Low 


84.04 ] 84.37 


FT-SEIOO. 


1379.0 


1377J2 j 1373.0 [ 1304.4 


losas 


1347 ,B 1347.6 


90.38 


1070.6 


636.9 


673.16 


1349.6 


78.02 


82.17 


911.0 


237.0 


Slnae ComoHatton 
Nigh Low 


127.4 49.18 


160.4 80.33 


1070.6 I 49.4 


734.7 I 43.3 


681.88 j 672.18 : 61.92 


1206.1 J 1349.8 ■ 966.9 







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C0 


Financial Times Monday No vember 4 1985 

INTERNATIONA L APPO 1NTMFNTS 

New men for JAL 


ST OUR FINANCIAL STAFF 

THE JAPANESE Cabinet has 


appnwed the appointment of Mr 
Summit Ysunajl, aged 60, as 


president of JAPAN AIR LINES 
the- national carrier in which the’ 
state, has an influential minority 
shareholding. 7 

Mr Susumu is a former official 
of. the country's Ministry of 
Transport, and succeeds Hr 
Yasomoto Takagi, 73. whose 

resignation followed the fatal 
crash of a JAL jumbo airliner in 
August 

It was confirmed in Tokyo that 

Mr Naoshl Machida. 67, is to 

step down as vice president He 
will be. rep laced by Mr Matsuo 
To shlm ltsn, 61, who is currently 
president, of Nikko Shoji, a 
trading subsidiary of the airline. 

Mr Machida had earlier been 
expected to assume the presi- 
dency at JAL, but his departure 
is In line with a desire expressed 
by Mr Yasuhiro Nakasone, the 
Prime Mi n i st er, for thorough- 


going management change Tjy* 
week he pointed to ‘'sour" 
labour relations within the com- 
pany as a possible contributory 
factor to the crash of the 747 
which killed 520 people. 

Mr Yamaji, a former head of 
the ministry’s railway super- 
vision bureau, has in the past 
served as adviser both to JAL 
and to Hr Nakasone. 

A third appointment has been 
made from the private sector— 
that of Mr Junji I to, 63, who is 
to assume a new post of vice 
chairman, Mr I to is chairman of 
Kane bo, a textiles and consumer 
products group. Mr McZtcfUro 
Hanamura will stay on a s JAL 
chairman. 

The changes are subject to 
formal ratification by the JAL 
board at a meeting on Wednes- 
day, and to approval by a share- 
holders’ meeting schcecdudccccc 
holders' meeting scheduled for 
December IS, airline officials 
said. 


MOVES IN BRIEF 

Commercial 
director of 
Air-India 


Management succession 
at Harris Corporation 


HARRIS CORPORATION has 
appointed -Mr John T. Hartley, 
president . and chief operating 
officer, to the post of president 
and chief executive officer. He 
will succeed Dr Joseph A. Boyd. 
Dr Boyd will remain Airman 
of the board. Mr Hartley’s elec- 
tion as. chief executive will be- 
come effective <ra April 1 1986. 


Dr Boyd said: “I think this Is 
an appropriate time to- make 
known the company’s plan for 
management succession.” Elected 
a new member of the hoard is 
Mr Walter F. Baab, chairman 
and chief executive officer of 
A.M-P. Inc^ who replaces Mr 
Richard R. Tullis, who has re- 
tired. 


Swett & Crawford senior posts 


SWETT & CRAWFORD GROUP, 
Los Angeles, said to the largest 
wholesale broker of commercial 
insurances in the US, has 
appointed as senior vice presi- 
dents: Hr P. Kenneth Nits, Mr 


W. Dana Roehrig, Mr Warren S. 
Stanley. Ur Ronald D. Wartick. 
Mr Peter A. WUkens and Mr 
Donald J. Torrence. Mr John JL 
“Skip” Hartman, was named 
president of the group’s Appleton 
& Cox division. 


Chairman for SIA nominated 


The SECURITIES INDUSTRY 
ASSOCIATION. New York, has 
selected Legg Mason Inc chair- 
man Mr Raymond A. Mason, as 
1886 chairman. 

First Boston Corporation chair- 
man Mr Alvin Shoemaker and 
Merrill Linch and Go. Inc. presi- 


dent Mr Daniel Tally were 
named as vice ch a irmen. 

Mr Mason succeeds Wertbe&m 
and Go. Inc. president Mr Robert 
Shapiro. Mr Mason has served 
as a director of (be Association 
since 1982 and as a member of 
its executive committee since 
1983. 


Gold mining general manager 


Mr Robert L Zerga has been 
named vice president and general 
manager of Carlin Mining Com- 
pany from December L As 
general manager." he will succeed 
Mr T. Peter -FblHp who. earlier 
in October, was named group vice 


president of parent company 
Nemont Mining Corporation, 
New York, Mr Zerga has been 
manager of planning and 
development since August, 1984 
at Magma Copper Company, a 
wholly-owned subsidiary of 
Newmont Mining Corporation. 


Mr H. K. Malik has been 
appointed commercial director 
of AIR-IN \>IA, based in Bombay. 
He joined Air-India as a junior 
officer in 1957. He subsequently 
became assistant manager. East 
Africa, in Nairobi; deputy man a- 
gir, London Airport; antetant 
. commercial manager, customer 
services (now known as the 
inflight services department); 
manager, Thailand, in Bangkok; 
commercial manager— cargo and 
deputy commercial director. Mr 
Malik was regional director, UK 
and Ireland, in 1980, and regional 
director, Europe, based in 
Geneva in 1982. 

Dr Sidney L. Jones, US Under- 
secretary of Commerce for 
Economic Affairs, has bec ome a 
senior adviser at the GOVERN- 
MENT RESEARCH CORPORA- 
TION, Washington DC, a con- 
sulting firm specialising in the 
forecasting of US public policy 
for corporate and investment 
decision-makers. 

* 

CITIBANK has appointed Mr 
Simon Rlggall as country cor- 
porate officer for Morocco. He 
succeeds Mr Christian Bartholin, 
who is transferring to Paris as 
general manager for commercial 
banking at Campagnie Generate 
de Ban qu e-CItibank. Mr Riggall 
was deputy head of the agri- 
business sector for Citibank in 
Europe. Middle East and Africa. 
* 

At IDEAL BASIC -INDUSTRIES 
INC., Denver, Colorado, Mr John 
a. Love, and Mr 

Mayfield B. Shilling, vice chair- 
man, have retired. The president 
and chief executive officer, Mr 
Michael L Nelli gan has assumed 
the additional post of chairman. 
* 

AMERICAN SHIP BUILDING 
CO., Tampa, Florida, has appoin- 
ted Mr H. Allen Ferostrom as 
president and chief executive 
succeeding Mr George A. Chand- 
ler who is leaving the company 
to become presiden t and chief 
executive of AQUA-CHEM INC. 
of Milwaukee. Mr. F erns tr o m was 
formerly chief operating officer 
and executive vice president of 
the company. 

*• 

WBSTTN HOTELS has appointed 
Mr william A_ Godfrey as direc- 
tor of sales for The Westin Stam- 
ford and Westin Plaza, Singa- 
pore, and for She Raffles City 
Convention Centre which win be 
fully operational next year, 

■¥■ 

Mr Jean-Pao! Parayr e has been 
appointed to the TOUCHE REM- 
NANT international advisory 
board. He is presently director . 
general of DUMEZ and was 


previously president of the 
e xecuti ve hoard of Peugeot 
INTERNATIONAL MANAGE- 
MENT INSTITUTE, Geneva, one 
of Europe's leading schools of 
business management, has 
appointed Dr Joan F. Rada as 
deputy director. He has been 
named director, to assume duties 
in October, 3986, when the cur- 
director retires. Dr Rada cur- 
rently holds the chair of socio- 
economic affects of advanced 

technologies at IMI. Dr Bohdan 
Hawrylyshyu. current director, 
retires next year. 


Mr Brian J. Fabbri, formerly 
senior economist of Salomon 
Brothers Inc, has joined THOM- 
SON McKlNNON SECURITIES 
INC, New York, as chief 
economist/investment strategist. 


Changes at 
Asarco 


ASARCO INC. New York, has 
elected Mr Richard Osborn as 
chairman and chief executive 
officer, from. December L He 
will continue as president and 
will succeed Mr Ralph L Henne- 
haeh, who will retire on Novem- 
ber 30, but will remain a director. 
MIM Holdings chairman Sir 
Bruce Watson and former MIM 
chairman Sir James Foots were 
elected to the board. Hue fol- 
lows MIM "s purchase of 4,245,800 
Asarco common shares from 
Weeks Petroleum, increasing its 
bolding to 32.4 per cent 

Mr Donald W. Griffin has been 
named president of the Winces- 
ter Group of OLIN CORPORA- 
TION and Mr James G. Hascall 
has been appointed president of 
the Brass Gronp. Both will con- 
tinue at Brass and Winchester 
group headquarters in East 
Alton, Illinois. Mr Griffin suc- 
ceeds Hr E E “Gene” Blaine 
who has retired. Mr Hascall, 
formerly vice president for 
manufacturing of the Brass 
Group, succeeds Mr Griffin. 

GENERAL INSTRUMENT COR- 
PORATION, New York, has 
elected Mr Gerard G. Johnson 
to vi coresident fin a n ce and 
chief financial officer. He re- 
places Mr Paul N. Meyer who 
hag resigned to pursue other 
business interests. Mr Johnson 
has been vice president, trea- 
surer and assistant secretary 
since 1982. 

* 

Mr Jade I*. Gordon and Mr John 
B. Parry hove been elected 
vice presidents of NEWMONT 
MINING CORPORATION. Mr 
Gordon will be responsible for 
development of new business 
in construction, and Industrilal 
minerals at Newmont. Mr Gordon 
was president of Atlantic Cement; 
a Newmont subsidiary, from 
1979 until it was sold in May. 

•* 



F.T. CROSSWORD PUZZLE No. 5,864 



ACROSS 

1 Up-to-date design, centre (8) 
4 Continues to make money 
( 8 ) 

10 Subordinate theme (7) 

11 inn and cafd making money 

(7) 

12 Producers of Uflbt skates? 
(4) 

13 Dominant reason for saddle- 
soreness (10) 

15 Tm getting information 
about love from her (6) 

IS Horsefly ? (7) 

20 Unusually angered and 

upset (7) . 

21 He advises the hands to get 
a rise (6) 

24 Is she higher than a foot- 
man? (10) 

26 Skills he requires to make a 
suit (4) 

28 How Shakespeare wrote or 
Just the opposite (7) 

29 Frankness and love seen m 
a. dog (7) 

30 Not in one’s own interest 

( 8 ) 

31 Fly from a mtsed double 
set (6) 


DOWN 

1 Control shown as others fall 
(8) 

2 Snug quarters for young 
foxes? (54) 

3 You ward: to be in it (4) 

5 Shaped up again— to a more 
moral life ? (8) 

6 Potential MPs outspoken 
over unsettled seat (10) 

7 Nun that is upset by lack of 
interest (5) 

8 Transport left in plant (6) 

9 Two ways to break in (5) 

14 One all a-flutter about Real 
Madrid (3, 7) 

17 Above all, an absolute 
majority is required (0) 

18 A most unfair condition (8) 

19 Soft substitute for jam (8) 

22 So rich a blend of voices 

( 6 ) . 

23 The length a boxer will go 

to (5) . 

25 Book for a boy about five 
(5) 

27 Responsibility we cant 
avoid? (4) ^ 

■ The solution to IteK Satur- 
day’s prize puzzle Will be pub- 
lished with names of winners 

next Saturday. 


UK APPOINTMENTS 


Corporate business 
manager for TSB 


TSB ENGLAND & WALES has 
appointed Mr Kelvin Mills as 
general manager responsible for 
all corporate business activities 
within the hank. The hank says 
this demonstrates its commit- 
ment to expansion in the com- 
mercial banking sector. Mr Mills 
joins TSB England & Wales after 
37 years with Barclays Bank, 
where he has most recently been 
responsible for all major lend- 
ing outside London. Prior to 
this he held a number of senior 
positions, including executive 
director of Barclays Merchant 
Bank. 

*. 

Hr Rolf HaUberg has joined 
the board of ENSKILDA SECU- 
RITIES. He is an executive 
vice president of Skandinaviska 
Enskilda Bankea and a special 
adviser to the man a gement group 
of Enskilda Fondkommissku, the 
new domestic investment bank- 
ing unit of ■Skandinaviska. Ens- 
kilda Bardeen and a director of 
Euroclear. He was first chairman, 
of the Association of Inter- 
national Bond Dealers (1969-78) 
and chairman ot Eurodear (1972- 
76). 

* 

COUNTY BANK INVEST- 
MENT MANAGEMENT has 
appointed Mr David Hager as a 
director. He was previously a 
partner at actuaries Bacon and 
Woodrow and was chairman of 
CAPS (■Combined Actuarial Per- 
formance Service). His main 
responsibility with County Bank 
Investment -Management will be 
for gilt edged portfolio strategy. 

Mr Julian Brown is joining 
J. HENRY SCHRODER WAGG 
& 00. as an assistant director 
and as head trader for straight 
bond trading in the -primary 
market and bond trading unit. 
He joins from SG Warburg & 
Co, where he was senior general 
manager in the bond trading 
department. 

CA1EDONTAN LEISURE, tour 
operating arm of the Caledonian 
Aviation Group, has appointed 
Mr Alvin Morris as director and 
general manager of its Man- 
chester-based operation, Arrw- 
smith Holidays. Arrowsmith was 
acquired by Caledonian in Sep- 
tember. Mi Mortis was aviation 
director. In a restructured man- 
agement team, Mr Don Hirst is 
sales and marketing director. He 
joined Anwsmith two years ago 
from Travelscene. The third 
Northern-based director is Mr 
Jim McVerry, overseas director, 
who has been with Arrowsmith 
for 14 years. 

a 

Mr John Brooman has been 
appointed a non-executive direc- 
tor of HUCHtN GROUP. He was 
chief operating officer of die 
Black & Decker Manufacturing 
Company in Maryland, US, from 
1977 to 1981 and remains a con- 
sultant, as well as chairman of 
Black it Decker Group Ino, the 


UK holding company. Mr sEkroo- 
man is chairman of Freemans, 
a director of BSR (UK ), and 
ftwipnan of the advisory com- 
mittee of the First Maryland 
Na ti o nal Bank in London. Hugin 
Group is the holding company of 
Hugan Sweda international. 

* 

Mr David Jacobs has been 
appointed managing director of 
THE NORWICH BREWERY 
COMPANY. He moves to Nor- 
wich from, London where he was 
mana ging director of the Special 
Beer Company— both companies 
are part of the Wataey Mann and 
TToman. Brewers group. 

* 

Dr P. Doyle, currently research 
and development director of 
Id plant protection division, has 
been appointed deputy chairman 
and tedhancal director of Id 
pharmaceuticals division, from 
January 1 J586- He wil succeed 
Dr W. A. M. Duncan who is to 
become dhief executive oE 
Coopers Animal Health. 

*■ 

Mr C. J. Baker has joined ti« 
board Of DEWEY WARREN 
HOLDINGS as a non-executive 
director. Mr Baker is the chair- 
man of Leicester Alliance Build- 
ing Society and thePeosion 
Funds Property Unit Trust 
★ 

Hr L P- Rose has been 


appointed group treasurer of 
C. T. BOWRING 


^ & CO. on the 

retirement of Mr P. H. Wiggins. 
* 

Mr Peter Martin has been 
elected president of t he BACO N 
AND MEAT MANUFACTURERS 
ASSOCIATION. He is chair- 
man of W. A. Turner. He 
succeeds Mr Jim Shippam, chair- 
man of C. Shippam. Mr Martin 
is ni«n *»hai*nnan of the Meat 
Products Promotion Advisory 
Panel of the Meat Promotion 
Executive. 

* 

LADBROKE GROUP has 
appointed Mr Jerry F. OMahony 
head of corporate finance, carry- 
ing overall responsibility for the 
group treasury, accounting, taxa- 
tion, internal audit, profit plan- 


ning and pur chasing functions. 
”■ 'lony joined Ladbroke 


Mr O’Mahony 

as group financial controller in 
1979 from EUerman Group and 
was formerly with UDT Indus- 
tries. 

* 

Mr Graeme A. Elliott has been 
appointed an executive director 
of SLOUGH ESTATES. It is 
intended that be be appointed 
executive vice chairman in 1986 
when Hr Wallace Mackenzie, 
group managing director, retires- 

Mr Matthew Fort joins 
McAVOY WRE2FOKD BAYLEY 
on November 4 as creative direc- 
tor. He was creative director of 
Grandfteld Boric ColRne FSnatn 
dal MWB is a wholly-owned 
subsidiary of Vatin Pollen Inter- 
national. 


j^: r r-s» ff*t 


4 . 




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AUTHORISED 
UNIT TRUSTS 


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FOR QUALITY DEVELOPMENTS 
IN THE SOUTH AND MIDLANDS 

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On 


UI 

Nua 


W»l 


.hue 

1 fe r ^ 

OtatWlI Wiinfml 
.\HdbnhAbBad 
UihuphM Ub 
MdmllMMaM 
JHyjK** 6 r P LnacH 
I |SbB lamp 
MdJ$hji pc A I lihn 
pbeHkkl thk6 
baaLaU ■ Wail 
JHyjs.iw.il J I lUp 
Ltb 
pit. Itawm 
Idffla If nal. Ml 
IBtaa.lb.mp 
lifttmA AntuU 
lirM llulOajm |Up 
ImtlLup 
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l kUlllnnn.ltJ.21b 

I Ufa ratal* 

WnilllhWm Ub 
I, Wal.Braln.il tax I 
16a WdUmHLt.* 

Mrflria Biam 

WkpiknLiwm. li* 

Uk Mntwaltawntftl 

hlffWaapr, iLrcl 


M 

117 

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220 


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592 

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70 

661 IDU 

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118 

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6142 

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134 
186 
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161. 

185 
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124 

UkHjMIul 

JM 
780 
122 
116 


16 V 

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14 M| 
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[if Mil 
1.7// 
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11/ 6 
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EV 

MIV 

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B 4 
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11 

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16 

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16 

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q 


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42 18 4/ 
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CHEMICALS, PLASTICS 


N-* Aia|Akf»ll 20 

Mr, ... MJkUUMn 

Irk Adh-4 Lattaah I Dp 
Jnl Ap Arir.mM.hO 

hr he Aaakn Otraidl 

BASF- ALOM1P 
Hqc ALUM 111 
ApOllu HLapkn I.Hm 
Ud, Nra Uirrrl rkrno I Up 
B.H UnmntlOp 
Irt Aw, It II la PiU I Up 
Ikm Mf/rmPralWI 
l-rt hft CudMrLiara. 

hft CuHrvtktn 

hf| lk>-A HV 
16.1 bar Imyilhiaacllp 

On hi, k. nidi. A Ub 

IhtkM Ub 

Hkbm 61 era* 

UI llhAtarmat 
Mr h 5r Ik laptuf II 1 11 UI 
Urn Jaty lamcmaMhamep 

Un IIHHnHUl lib 
Mr h 5r 0. llo.iJo lr*| 

May UI llkinn Ini 5Up 
IhnJMPMl 
1km. Oaf hr lib.Ua I n 
Ikm. U.lluMlWrillH Ub 

Ul A*rUl.w Cbm. II 

K<6 Am, Ih 5fa.P1 II 

Nia I nadir lirh 5fflp 
>pi I rryli IHar-dm Ip 
hi. Id Herr IHftm 

Brad ra Arm HtnkylK II IIUp 
April Mcnlnd. 'BT Ki 7t> 

Irhm, PnmMpAB V56IU 

NftPlyiP 

J«hr 


Bad Binivm Wm lOp 
UlKcdita* HUyi 

NuehMeLdllb 
MarfSud Apk httm 1 1 
■ HPlil l«U 
OutS I caw. 1 1-VnMui 
Ihwyn Bn lira lib 
Wntft Wurerm Ub 
Nn Wtftlntwhk- ka* 
falthrCtcnn 


U95U4 
325 
148 
IN 
nSHfHitil 
lli\ 

U2 

114 

115 

22 

■ 11 
85 
466 
140 
128 


ft* 

In Ml 
lf« 
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[14 IU 
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111 
llll 
I6< Jl4 Ui 


IH 

V5 

41 

184 

»*.| 

218 

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[14 Mj 

11 / 

\ni 

■26 

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JUi 


125*.42V 
*53 
1*5 


15 

624 

4/ 

350 

VS 

215 

36 

tin 


08'«bH 


121 


2V0 PV 2 


21 

158 

275 

160 

142 

IV 

224 

2X8 


126 


PV4 
UV 
16 V 
|2* /I 
16 V 
[If U| 
11 
»V 


•i/Wj 4 
Vtl^ll 


4 21) 2 1 


[fHIIThl 

.14' 

2 

114 

41 
111 
64 
4kl 
4 «J 

Mg 
2 oj 

lAVlf 

fsi 

4U 
U5I60 
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010**4 

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i4*»q 

!•* 

fhhid 

f*?fl 

11 

HI «U 

ht in 
Sbll 

J/S 

021 

mn 

, /v 


1 Vj» 
2H 110 
4t VB 

1 I 22 

2 #" 6 
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ib un 

U 1)0 

40 VI 

11 

44 

42V 08 
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12 111 
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vijii 
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11 
bi 4 
2818 
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41 4 
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14 1*1 
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12 M 

6 1 lift It 
IV 140 
3/ 125 

J I 62 

81 4 

74 16 S 
144 12 
4 U 14 6 
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16 II 5 

62 
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10 60 
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21 140 

14 142 
I All 1 


4b 4 

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21 160 
15 12V 
42 122 
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41 11/ 

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15 81 

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6 4 121 
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12 
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61 4 
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64 BI 

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2/146 
41 110 
14241 
60 « 

14 4 3 
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11 1/8 
41 136 
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20 204 
Vt 182 

15 

2 / 2DU 

1 1 ?12 

12 13/ 
1 1 110 
401120 


DRAPERY AND STORES 


fkmfti mVgm kadkiy lib 
Ikm hrrjA lI r h arc Ub 

IW R'qaiftnHtPI 
lAntaa Da, .’‘/p 
Ua U ipac-idwa-ip 
On ‘A"b 
jEApnci 
Mr, IM rAHi nk iy. lUp 
kft ttrdiarUi'A- 
(hirln. MMhaillWinllp 
Nm|BciilHft I 6 p 

(a.llb 

Mloakdift lOp 
rUHhalf b 6 «p Ini 1 |i 
pdiai Iral Ip 

Awj 


Mr, 

Mm 

Ap.il 


Juft 

f*6 


Ma, 

frb 


B4dm 

Jn. 

Mr, 

Jab 

Ikm 


hntr 

tan 

Im 

Ah 

Mr, 

Or. 

Ikm 


Mr 

Amir 

hate 


Ikm 

laft 

IH, 


fra Abbrnirml kt Imhrd 


S5« 

16 V 
MV 

K, 

j/6 
J2V 
12 

11/6 
fr»4 
MB 

218.4a M| 

n 
12 a 

5*d| 

>85 


fab HtH IhrarBlim 
Aira 1.ran> INI .Up 

IH. hlidliiiip lUp 

■hi rntdi-. 'A'/lfa 
ikm Crmkrl '51 lOp 
JH| HnmllrUbBl 

■u nw. ji 

M.jLnft lav I/ljp 
Uaal) 'A 1 

OLMfklhHIIAnhrl lib 
Un I hk fwa 
NuvfDrwkag ll 1 1 Ub 
INaraalraap lUp 

ImtoiataBIfkftm Ub 
UnblhmAUttllp 
Afterapnc 5nn 
tlcw I Up 
It acmidr, Ap 
hbUwe Ail Oram > 

" VirdlMnla.l Ub 

Omflfiandinln lUp 

WitaJlIucarmllmb 

Mr, rMarhiiilp 

k/wwdlNcnUall 
kCra-ILruO lib 

JHil l G ic Haecalp 
' fcrllcl IA H2Up 
fhafcnt 15 U I lib 
trbjGsbbnv'A • 

JafthnUraallrmLip 
kraHnwaltirm Vp 
faMUadn* 

IkiJCirrtt llmcim/ 

Ikm UllB A 

fir IrrrakrU ULrP 
ArvlMHnLd lib 
Jab Ih bflrlnf VOfttdJI 
Nra llnih ibcrnraa, AJp 
hif llekarlna Ufa 
hft Irarairihi 1 1 Ufa 
IU IfaknirrapSp 
Ullhor Phan Ufa 
kaa Ou /pi a IV/2 114 
bate llwmbt I rtumr 
Awj hunll.w-.il lip 
Mr phcallJltllflp 

An Inlkmllhlr.Vb 

Nra I re llimn 

Nra I Ural, 640 

Urn Ou Nra Up, 640 llll 

M. Ja Br U llaalnllw Slllll 618 Jl i 

Aw IbbjHi hilon. lu,, 102 fr| / 

JtlHrLiAWnaa 185 

Wt MdilMlA I/Up 21 III! 

Jaft Mrmwwm > J I fl] 

hbjMlUHIm I nm tlfa 1, 

Nra Itumm blum/IW 
frt VlBHeanlUp | V8 
Ur? I Nun if. > ~A" I SIB 

Ah NralmrP.br 2>b I yM 


46-tBlflt 

114 


J6>. 

110 

6b 

478 

62 

56 

143 

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■02 

■45 

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64 

*12 

535 

555 

as 


nu 
(TV 4 
C/V4 
pv 
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16 V 
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nw 

2 

11*01 
M »| 
111! 

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128 
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UV 
trii 

[114 

1/6 

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16 
16 
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luv 
V5fcg?B |d 
•83H&B Ml 
UL>Jm 


uh 


2/3 
66 6/ 
ft«4 
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17 


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Ilf 

16 ill 
vq 
68 ll 
201 
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lira 
b/lj 
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1 2 

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115 
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28 

d2( 
15 
12 
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10 
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Hi 
18 0 
180 


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16 
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lb 
10| 
11/ 
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auj 

iTPj-J 

14 q 
114 S 
|62 id 
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12 ri 
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BU 

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lb 

1112. 
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404 

[24 2 

12V1I94 

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22W2V 
4 812 I 
35(164 
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121 

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10^ • 
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14,-45 
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DRAPERY & SI ORES Coot. 

I ra, LMELL 1 . 


hri, Ih'rauDM i IM 

Ihhbn 6H5rpr6irapUb j 86 

Im- Iw-1*rtnm5hrv Oft ' 68 

frb UJ pbarift lABrabU 114 

tm Att^Hirntra.MlHpilMb 12* 

ikmnrbre -hman Iral. V 212 

Mn IhiiC-Moi BV U0 

hi. -VybraL Ufa U 

hft On JftniAtttr A'MV 155 

IMJBW- I2*i 26 

Jr. 6ft. D. tii.wrt IS‘.w} 

Jjn 6-VBnarr(IB« 

Irr M, b. -A 

On kbkrm 

(km 1 di Maral-p 


■hclaMkifll n 1 A -tip 
hr UI> 6 ndr,IA L.'tt 

frb C-J Bkrd & Bra A' 

Aw. fHalwakm lap 

Ud UI lM*|idnp .1b 

!Shn>iad Pp 

"ttnalr 2UP - { SO 

hd. Bbr l tt H t iq U. BP I 508 

Md, AWIlbWr I 165 

Ah IhnileVimnn-mp I 48 

6ft [irnlra I 50 

frb Awj iBahHi 10 b 

>T>WVrhrliah I Dp 
iphalflW 

U< An Vndraa VmOa 2 ft 

Jnw RnNwbra 

IWAdillMr 

fWrmidOil W ■ - 


[i. ml f. 1 q 4 1 

( qlB/A 

■ I |A*q 


f] 


[Irh kd. HU Lamp 11 W 

HttlU-raktaO 

Hdfty-L lli | 18 J 41*1 1 

Awj Utt rrtkAtmUb 
Nr. In- h*. JU. 

BaWbda U*6j, Ip 
Urn ’BrdpfaJ Ub 

U.fHrm.WlUt •> 

BrPtlBwidriftJUttJ 
Brad (tor— ft™ Mae 
| Mr h lr iMMaLlhrml— to'dJ 
^ittWto— llhftr 

braftraWwHV. 

awyttuHndlTil 

A lArjw Ub 

H.hlHf.fe5hplft 

WAH UmAP 

HmlHlnaavnra hft V 
Hrabh-n- lira Ift 
iBlmfrlnd 

Ira Urrd- A Id— m. 

Phrata 1 hWti | SV 

.hwftrraM-vv ■<=» 

1 Hhitr- tm-k r. I 150 

And Irraahrmlltt, 1 52 

hpimr-Cdl ha 
. Brpikn.htira 

NrabrahnftM N lOp 
WtTdmttq. HW 

Ik.kUaftnlHhRH 
■ Arrataai lp 


I f»6 


hft 


Md, 

kn 

*ft 


*" \' n t 

Hal U'nlOi'tlFt 

f 1.4 * I 

Mi: I 

II I a 
Mil 21* T-Uttl 
1.1 t III 


V lilt 6 f 11 li 

4 V II 1 


HOTELS 


Wftfc 


; ft. bid fsvftim tft 

l • t ImHt 


CoutlHMlI 

jIamiJ M, tri4 
(IW. . *8 I ft) ICaf-VvIb, 

[ n 

' 146 


fr*l{ IMMJbI 

if - 8 ' 14 I4j | f l 46'tlt 


moos TRIALS (MlBLct.) 


Ikm 


■ V" “ 
1 if Ir6 

Ui tar 


Jnb 

6ft 


/ii.lbhilwaftHMT Up 
Uh |W Wn la. IBM 


6151 


AnM 

Ap .8 

061 


*ft 

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Ikm 


6u8/[,'B 

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•UI4-J2U 


a |nii 
IB 
28 ri. 1 l Ini 


r-i 


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II Ml I 1 

.Mill 
nli4' 
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di q 4' 
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ELECTRICALS 

1km WAMtimawj. ( 211 

Mr, Jed 66 V.lhmV 

I — nr jUaatrarb. Up. 

hr BraVAnuril I 1 /OHLvilu] 

Scftcnhi rHAVfcwkihV t IM |2V2 
■4*0.1 Ekmlti—V 

And MmUmbnlV | 628 ll«H 

’SftptJfT-Pttfcl.V 
(WpWdndO-. 

Am, Un ftWHIaw Ift 

hft UarabmAa'ANW 

Matb! 

fKMAAU A' [ lQ'-J 

■ChV 5.J.V-JH l tdld-J _ 

hwrUUnrik Caqnf. I'b Z28 jlhfll hi 6-4 H0 
I haft d ra — A.t ill I 

UriMOc'IrdBra llfa 

lmJHCClIb 

hawBBH M Wp 

f Mc na m O Al la. |dp 
hft.Bamhrpr Mp 

'Y&rmArln-pr Ift 
hVM.riral'w 
B-l '-HbOarawlra hb 

UiArab Irk— 

hi/fh-ranra himri 

(kmradra Wp l 'A' Ip 
tdran, (itaMllahl'p 
(CAbWp 

lar hhCABV Uran.ip. 

Awpr! 46Mi XuvrJm bb 

hft iir^ayBUram. .*■» I 
Nm AWKniUmpaki.V 

Maamh AllUklBicValp 

Bra MrHoMrlftc l In 

Ur, tfaHHdmC.pllb 

WallpOHfH-pr 

jftdwlftup 

I IW i'.n r«Lraiv , _ . 

jvOwrwj-milAftw I » 1 I 

WCdc nw 

I rirmra | rOaqbW I Up 

Un franCwtwrailp 

My KJuaqmn IIUt. Ip 

Am RratfCmO Maranrar I 160 |W» 

f (6 BwfCmPrl Ink I Op 

f -6 lft-H.nft.nl 1 km lip 

Anri Hntidtiriint. lip 

Jd» MylfjymiHttrlp 

■font I rm lr d cp ICp . 

Aide fHHllL-rrabV 1 

MaJk Bra* 40 1 Bn Ain ram Wp { 

Ap.* OujDrlrtlnl Idp [ 

Anar Dn.lljlm, hm 1 c 1 

(UWPni WH lp I 

Ittf H [llkiiMi. I lr .1 

A(* ft liD i m.hr -I 'A' Ift 

fOraora Had B.I V 
lira UdHUarahnyAM lUp 

Ur, Min IfikemL lllftm'w 

Jen JnftOHdlM lp 

Jjn ikUlni irap Ift 

Iklabr. (MlnllraHrarrr Ift 

Atari lEkmPam BLahaa- 

JH, frlctlembraft Kraldh 

May NrtilwnalPjMara 

Ap*“ jt.kurail a iBMB 

Ap ftiZHuUamnlat I Up ( 380 

Jjn AavYM tkm lift 

Aft Nowf rimwO t In lp 


111 /! 


53 ?’ 


4 1 7 2} IU 


JVjj I 

I lltll 4 4 


ftrjll rtilbb I 1 ft 
BndTrri 


UI 


Mr» 

J-b 


Md, 


BrtdTrr.ndl 1ft 
" cf PmlLttllr Ift 
KhtlSniaiti Ift 

• d Inh 

larihulio 
tC> 

irirna 
akrabrit I up 

UlHirCnra 
1 Inp 
It km I. 

lHkjklradtl.lv 
-» fHhnftmftrll Ift 
fta ffm Ift 

MJrnnUmp Ift 
r 4INB(CUlft 
Am, M bw A6.nl Hh 
A|> hnnSl.anJ 
H*nalU Brmlrmirm 
H 1 M 6 Ichnklp 
IW hHc hrt 
Iw flf'Ahahmhkm 
flrmrmldblAltlU 
UmJ l cm. He* pm dthn 

Ah ■) lava. Ift 

Aft low nUntki 
Jan AuvMAtkmlik 

lor Mj flril f aa fia i j 5p 

6 Ur Ul MrOnnrar lat Ift 

Uhft, fMnw.n. lad Wp 
Mr/ Nr. Mnun Ift 

Jerara. Hkraa.lrrpabm Ut 
hft Aw Maid Bam 1pm lp 

Ira hft fMluaMai krprr 

Muufmv. Ift 
tajabraprlft 
ftrami MkjcarrlKftm lp 
Aft fMiualermr Ift 
IklHm PMiumOn lp 
JHy Wftm 11 Ift 
UKrlbapri 
MnmanlU 
6 ft MatynaSIW 
Id Ap fa U duluuir *> 

Md. Bmp* Xkdlltuactlrml 

Demin Hw rr, firth ran, m 
A n pu * ftmry Inh hem 
haw Ikm lie Crape ltl 

Jra hb <61 

Hr IU Hraianfcifratm) 

Brfrtrmltti Mhabaiutkv lp 

May Vnmi Odd '«■ N h .U 
IXIHjtt fNalWda. lp 
III A> 5p Ih Vlb likmara II 
BOdnaUm kcmnltm Ift 
Ul Ap. MnrihBlinKfdmft 

UIHrm HViny A idlrm IHl 
hft Iw efVihim l up 

Mr> Bepi f*cm 6 H b Inn 4fa. 

fti HftraHUjlft 

War Nra H-un Hb 
Jeer Ikm PMpifk I'A 

Jra Mdj l- WPfrm I p / 10 

Ah ikl bike HU*. 2ft 

Apm Ul Da 'A*,Vh 

hra eflwnm Wp 
Md, Nra Plrmmry 

OrnlHKi fpftlohtt thml-p 

Km Mr, UWcmbHrlM ft 

Mr, Un Pforai Ift 

PirmtaaLV 

H Or-v, BpJrmir. In 

Ibcml Arh. Ift 

frb Aw| KrLdlfkmllnra. 

Ap. Oil Dg/pU.tl a/ow I, 

VtidrUrUkipVl/U 
UbAn fOni ImrCod lp | 
Nra Ah Rnttftmlp 

Hm hh Iwdlc. Ift 

Jrac BCUBAIw Mini 

Md, Ul BIC 

Jra Awj Snanlrlnh Ift 

Arp Jw fStnwiM lUp 

Mr, Nra kbuhmlblll 

lam in SrmJrll, llnd.rm 

95cm IflSn 

Nra Urn WraanH /W . Dp 

SfuiubJ. Ift 
Uhtra Sadbiralft 

frb hft Sra, Co Viil 

Aval SraJDOr lp 

Mn UlShwIaU/Up 

Anr Kwlnbif InJ Ift 

Mpnwoa Lranp ■ ft | 
Rdr Nra Svmkmn Ikmaptcrm 

Dm. Aft Splevr. KHiy Ift 

Aapaml lUhlrain V 5 U 

Jon tlUBCamli ft 

Jane flrkminvndap Ift | 

Nra haa Ittrhnar ILraprahl 

Aw Ifn IHnuMjia ft 

On Aft Irfe Acttbtm 

hw .frf pllmmal BmlrmdPa 
Mw Ul IlnintMl 

Ocm Jac ft /p, Oran 12 Tl 

Mr, Ikm llwmlMN lift 

Ikm hi. linMriCwin VI if 

frb Jal. lalrda fl Irkm—m 1 - 
Jai On Ul I Ift 

Ah Ou Ihdicmk Ift 

Ira 5rpi llntrd I rrtbq 2 ft 

Scat And Ut BundHa. 

Mr. Ul VC Irmfaanradm Ift 

VHdlira.NtffU2S 
let. Ul VukrGunp 

fUVrpbe hni Ift 
IIU And MtHtam 11 l/'j. 

AhU 6 ft Wmh Brbml 2 ft 

IkmradbCi WMttraB.tllp 

Anri Uh NlndAdk fnv (ft 

JW, Nra Hunlplrm 1ft 

MHba Ift 

4/ndiikuHM. ,ip 


1311, 

120 


i7MMn| 
448 
377 

l«3 , 

119-4* M 


4 till I 


18 | i AI6U 


Ufa, dr lla-t 
Mra|rlj r .«W. , dV 
Attb rhalAl.Vb 
hbfCnaiW.a Ift 

lWaHIShl.lv 
n If. I Ift 
T-hbdl ift 
a mp id rap 
Ul ll luntt llrarr- 
ik.kri.rar m*i 

Ulllkm AMrl'A'Ift 
uikhraimp 
UmltVild Inman. 

W.il'nllcMt'nV 

MrajOrardka Him 
Kw- ali kra Ift 
Aaekdh-IUMem, 

Bivdjl Kart W I 
Ikrnlfttwm IB W I 
Ah 8 Ur let am. 
ik I pa HU la M IUb 

H.J>cB. n nela 
AwAtlbdH 2ft 

IkmjLwhrmtni Ift 
Un Upntnl hd 
WcJt-.U.gd hatl Ift 
HraO.NI I 

Urmhaa-V 

Lm uv 

MHtfan .1 

rift 

I nrabda lp 

raBhUefc, 
. 3 -rU 
.drift 

anrnlft 

OhnnOMnlN 
tlilft 

UlflMI 

raaAfhth 
mABWnna. 
1 ) 1.4 ratittmrqr 
frh jl rriAirinai 1 2>jp 
ImmI 
jl hrllt ll > 

I ukem di in 
Jrkj Ih V lp 
Ift. Uml Ml U-Uarim 
llkhdr. OBIahmitlft 

I Ik. nirir i II ■ jn. n flu ul. 
Mr, Mrluttt ,4b 
Ira U. fumlaor thra 

McvHUln 
IklMrldhtrlp 
UvnUMmLOB-r. 1ft 
HatkhWl 
kn BtreparH) 

Mr, HHIIlnnl 
Aw, Nrantp lad. 

Bi-pi fhddr Bleat Up 
Am, fcbn IItH'i Jr, 
.IHan Ift ft Out .Vp 

lumibmllp 

fall IWftalwiMrtlM 
IH, MU’ 

Kill (draw IMI JU 
Nra ■■ir.i.rn fta 
Mr. lUillfi B f 
ITftw trad- Ift 
Knatt 

Nra KkhaiMliCil 
Ub'n.WeM Mb 
KdMVM' Ibn f 
■LqNahrL Ift 
bar SKI AH 5610 
Ul Saridr IraiLw Ift 

hnc &ram la'i 1 ft 
In baw n fua 'J 
IH, UMlHiav. 

Mai SunhWtM Ip 
Mi Spran 8 ULmra 

Spenan 616 21 b 

Hdlfthd. lair 

151 me by Wd. 1 1 

[SkdbnlB flUl I 

TACf Ift 

llldaMptl 
IHtoi/lb 
Brplflr. Ilhft Ift 
■ hfvamllntO 
Itlpkc 

Lrtl Umk lamer. . 

Ik. ly/allW A I Ift 
Nit to-anlft 
lilt Wat in rap 
MrJVhlnmll 
jVMr.Hnto.hi 

lak, m A lIMva lOp 
uJWrlta 1 ft 
UipLpnliahti'l 
MMln ILA W I lip 
|Wea Lt rap 
ft Iftalpafll 
(Wrhnra 
I rPjWePlmJ 
Inmcjwhniur 

Ift 

{iftadlSWI.Vb 

(mrb'aeliun l/lrf. 
5rfdrwhn h,raft*ql«p lip 
hantdiiMiVp 


1/ 1'21| 
;« * 
101)4 2 


ID bI If 
1 1 4U| 1 1 
, 251 2D 
I ll #21 2 I 
n 111 2 4 


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ktuikii 
linklHrir.! ift 
Ah'AW Ift 
■p-UraMl Un, 

Ap. (AdMi-arRaw. Ift 

Siulr-.mllft 
lAbnlrafrUMsm ft 

b.idaWW. UP 
iNUtrulABBBLWi 

Mramwwl 
U p ii V Ha. tot Ift 
(Iran Idiwltu, 
dn Akaralafil.p 

ftr.lLraia Rfau alto 

..I llaanknr.A&l'iUv 
;6*\n— w Ift 

. I, urn. Hb 


(.rtjrnfUHi 



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m nl-ih 4 HaTUl i ( | 

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a hrs* 


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71 Irt 7 
4V0 ll>1 


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12 I I L 
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Ml It.'V 


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fl r . p 3 .ra lli d Irmaacm 
ftrafAm— >.11-111 
Mdr'AdL , 6 Mnblm, .ft 
(Bah r AO B621 
Ira (Aran Nabbn li 
tokamAidMw 
A|a Inf I Ulit 
toblMIlC 

UI lBO( L> aft I til 

Mr ftfti HtA'i U6 I Lilt 

I */* 

an" Wall | 

at*, Ift 

bbdM L-W J 1 .* 


I hip to 5c Ik-lUUn lira 01*1 

lrprtVnM.ii.6d. km I Ift I 
MraitLnirarl-Ui 
Aw. 'Berm Iran 

iHcHrfila. Ift 
hOpftHr. Ift 

Ild-fUn iaht. ah 
UtbP-wH. I ft 


frit 


:: 


jUrtrUR 
mnlnuad lip 
torrjtUh, 1 1 I sup 
Md.lBk6H.IUbn 
jthDpral 1 1 Ift 
UfRUwLAi.an'dk 

lUftill'IlIMp 

An ^ fH W r Aura. 

|40Wra>.J Ira. I 
Nra rBIwakH hnm 
IraTfa ftal 

UlWl-dl 



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S 3 ;? 

0251 26 
V(6i*j21 
111} 19 
IHI 8 a* » 


non! 

4 ft 


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draft 

jLrmnxTH I Op 

6m lp. ml.dblp Ub 

0nt« 

Nbh 6 w.l 6 .Vb 
Hill Anr iid. i Kb 
«L» UmlMck 
Bart BntMiJIb 
Uhl. If dr 
II Pift *AI 
M IV Ift 
me & Irma 
naunihLnmi 



frh 


IklaAr- 



KtoHrm, 

Ikm kin balm ift 
! rinftb.fr, And. r IP 
bOrahr'mlriHp 
(HI AlwOnkm 

*s; ' ' ' 
te: 


Mr 


2H2I8 
I dj/U 1 


J4N2 
llll Bml / I 


FOOD, GROCERIES, ETC 

IHijAJjdcr 5HI U 1ft 
MivMcc- Ift 
uib«rN 6 iuft 
Bepi An UH f-da lp 
Du Bn I Mam 
Ami An fhhn'n 
tab BBNIi li» 

Ul lntiilllt>r,l. I 
ton Swkn Alkhanlp 
Ah NwiIALJ 
Awj Bnrarll font, 

Bepi BHtryi lUp 
Ah* ktrmlft 

K ln rrram Idbpa Ift 

IM BnnlratlB AW I 
Ha huLdrm Ift 
UU Btoe Bad Cwikm 
HbrttmaAn Ip 

IklBm VcoWapIft 
I Hr, Ui r I ito m, SikttCftn 
| Aiaj f ,6 RrmiiaM 

6w rm'i Mritow 

LhnnbaiAfnvn 
Ul rJlNindillrtaln 
OU tto "A* N W 
Utkr'l IIH*. Ift 
I M, In VbnDalAhidililUl 

Ie 6 Brpl Iktrlraplp 

flrrindll 1 Ift 
tone H-ll lift 
At. f-Tltkrl IA lip 
Ul tHiJilrarO 20p 
SfinHntotraUft 

Ah LLmbhftlp 
Ifctond., fLIHaHUp Ift 
Ul LitppdOp 
(hi IlddkmmwtilV 

(hi IhAwdi Ift 
latyHrihOaMOhtoa I Up 
Iw ketr Irani Jup 
llhndri BapM 
i krlnel I ir/cw Ift 

MprcIlUJil Mp 

Nra LkrhlWAKJ 
Iki kMLBdKlft 

'ft 

l (111 

bl nab Ift 



f«6 Urlhni.fiarh 

Ul WriOWKh ift 

Brfd >1 feral Ift 

himaam LipHHUI 
km birllUp Ift 
Ad, HUM 

tokfirmbMinM Wt 
[ M, to Br lie lake. a, 11 M2, 

Jw Bah tan, I J > 

Auy SHarmnilCfnlalldttl 
fBmn Udn tog ft 
fBlacmfnal Ift 
Sr p H Irm 

bdittr. 12 'tt* 

n fBnlltemLrad'l 1 I 
M.a laic A 1 ,k 1 1 
1 wna-i kua ft 
BcH Irmauft 
Nra Du ft Cain 2002(1/ 

16 I IMpHr 

hd, IMInl tUmardb 
Ih Wrairad. 

Md. WHmraPWp >ft 

NeudM-ihrat Ml.1l] 

fMWttmri/radft 

• WhUft 


i V|gwfr 
>•12 IX 


•iU 


4d/4 
1 8PV4I 


28 ( 2 118 2 
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iqi/v 


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ill 260 hra- HUrdfamuh- Ift 

kUnHt*nk IlHth 

4 1'V I* A,- kwlllttnir IlkLp 


HOTELS AND CATERERS 


ENGINEERING 


BmhAIra, 

Apia baft ft 

UqlAifl drift 


1 MO 

*1 *1 

1 1 ,“J U V 

718 

11 ID 

/ /5| * 

1 356r 

81 IU 

.tilt tb 


1 84 


) 43 

•OKI 

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21) ’ll 


1166/m 

Iwdrk Rr-d Ift | 
nalMrf Vp 
llrfareft 

f Mrmptim**.. 2 Up 

lend 6bdn 1ft 
ktr Ift 
fail Heh-fv 

bn. 1 ft 
Ihdihllr Ift 
IHhlraHldlft 

Mel Ihrirf-lup [ 
r-ftPHn 
Mini ft 
/|a< • rt I 
— la.arlmft 
bra-, "A - Ift 



!«' 
ni 

IV jJ 2 7 
04, 

(422'..'rj I 1 

d ,,f l 

rlu Iri i 6 
142 SB) 1 


u*M42l Id 


iq 14 i 

2BI41 


IUB 
16 II 7 
IIB IS 1 


hnhmlh lib 
5RBVI 
VP to. lUlfl 
MW BI Inem 2ft 
•m trail 

U. fl’mra la* 

IW ft Li 1, 1 1 

■car IwhmMf-. 

B 4|n iral 1 PI 

rh-mlMa 2ft 
nt Btor— at ft 
'm/irttd, Uai Ift 
Ibnah'lanUh hb 
lira. In f ran 

henk rl Mrihrh 

-hm i hm mill 
■Wr Ift, Ift 
toblk-iltd lOp 

-Ukrlllnwidl 

MAI (Cant Irak Ift 
Ira felflkuk L. rap 
fLuhaal 

raabc n t Inh Ift 
Md, Brfd MmninRdnlift 

Lai, 'rad BidHa- i |ft 
NeClftAttrilU!, 

Iw Lipr AAwraft 
H aarrOft 
hd. f.rbH* 

Neer.ra.lnr. Itopr 2ft 
Ul I'ranraArlttl Ub 

L« "iran ■ | . 

Nra. Idrmi Nkht 1ft 
Man tnn.1 ft 
Mr iLbViril 
lab tWikmA Miintt 
tab OrJnNnr 
Krit Mdarrlnpllb 

Brpl Pa n .ni t BI 1ft 
ftc ftLWIftIft 
Nitt Dwkrmaft 
Mw MnmHwtlUp 
Aft Ihwillldfi |lb 
WJfttonb Jib 
MdtoBelV Dear, lump II51J 
Ul IhUyHttn Ift 
Item Upwtft 
Ikm 0ra4 Li cap 1ft 
Ul IV— (1 All 
0.1 CW 'A- 
bbUS 

lk» Irmlrab f-lral 1ft 

Hu4nk.Nhb> Ift 
Du Odd 1ft 
Nratbra (rah 1ft 
IM : Irrl Ub 
a* thlnmlhl MI 
fan tine Ift 

l kmliatoa tUu 21 

t Irani AB Hh 10 

thnkLHmppci ft 
Mi to Br Ik biubnlLnip *1 
Ajn* b"V Unirvip 
Brjd tvrapu Ift 
At, Jw )i<Uclhinc 
*r tmadlr A8 kill 
tolj bciufmk-i 
ir CW 1". Krml Un 

lbh21-ri.rraP.c4 

tab l -cart! 

Brpl l bade Lip 
Ull-pwnH ton 
M l riel 

Mae t-rhrailuh 
tab tonka Ape Ift 
In' franc IJ [I » 

Ikm ffcb«Hria4i 2Up 
bb t nv>— Iral 
Pei III A Uttan 
Wlflb* 

Ikm k-IUnttw 

NrafWito LUftN/Ml 
fr* fk-rlhC A W 
n tfbitt IK1U IU 
Urn -w- H toil |ft 
6 k tevnl, Ift 
Mn fidtoivatidiir, 

M firttiAilhui I |ft 
Nra 'kmlUnlUuvjai 
Iw LK illidyil 
Brpl Cr-lrlnn 
Ikm L k ra i Inp 26 
JwLla.eVhi 
L-nr llkh 
Hue G.ntqKdnlhhf. 

Ul Ginwla 
tore brartoU bp ft 
Aitp ! While Ift 
Jab llwran I, ml 

MwU Brpl IW 8p.li I a W OV 
Jeff Ikevreran/ft 
Bnd linuilPli ijft 
Ul llwlutm Ip 
Ah Utotni 1 /tip 
Wwhl In wa Jft 
UwekTGiaapVHII 

Hlanlal WMm ft 
llraonft 

M, Ir. IMranrarl Ift 

MkaaM.l.wr Bern 
Mr. Hnwr Ift 
He IkpranHiCnrara. 

Un Omo. 

Nee llrralH m J i 

Hfth Prat baa |ft 
, MtolftnrH, 
H-Oh/ijp 
Me c. Ift 
Wl, ItoMlwj Aura 
UlHw Mlradkmjh Inh ft 
MtohAMnallhJI 
At, Hw in. ft 
Htrou |ft 
lake flip 2ft 
I6i Mnrraapr InL.Vh 
Ikm hdiei 

Nra fJBIJ La p bi u ft 
Ul ink man. Uuaar 
8 Wiitomr M Hh 62 

*4“ 6 to* raUrnnm 
Mann. MeHtor i I 
At, Mcr.ira.inp Ift 
hnr hwitdbll I Ift 

Ikt kdLnnura. ift 

“» h-hni-eft 
tow »4>cn.Atowlll61« 

Nu kimrp litt.1 
lt| mrlit, to. 

hrucml, Bnidk 
Ap.il hn tmibb IA Ift 
Aw, f km 6 /, |,|*_ 
XkvICPIlM* 
ftokudw I IHl l.i.ft. ift 
tori I M hn Ift 
... J4 aMlLin UarRmii, 

■"» ik. i dnuH Irvin nw 
hid, I inrira 
Aw, lci.lMiaq.jp 
I llnair lari Ift 
tal, I dk-tuO Ufa 

told 1 under A hNdtO 
Ihb INJ 

Ikm. I HM 4 Nil a. Inp 
■ 6.1 1 intluri to, 

■4a. I ..a 4 human WV 
frame Ml liLiunp 
1km Ml Ural |ft 
Brpl M i mUp II, .ft 

MapMn la. Law ft 


«%-,'! 2{ 
MN5J24I 
NIB /j 22 j 


Min 


[Hf V2 


Nll*i| IB 

ll*bj 


44 

ll/i 



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IIV 

l*«J 

2 7 

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lit 

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>U 

455 

li. v 

in6i| 

17 

MS 

79 1 


* 

W5 

MV 

Nk*4 

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16 V 


V' 


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1MI4I 
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4 viia * 


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8 4 VI *- 4 


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■ AN/ 


i‘4 • 


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jiii| Mioq 


128 bv 


*‘■0271 i Ikmmtrm 
4bjlV1 
7UI2IIII 


1 8 1 
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1 2» 


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27 



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• i % . I , h 

■ -4 • , Ii. 

'••••■• 

' " ' 1 'H.!;- 

! “ • ♦'*- V i;,‘ 


• financial Times Monday November 4 1985 

• INDUSTRIALS — Continued I LEISURE— 


- i«.i?isusu 

;*psaw? *!» 

Ship Can. U- 519 S50 551351 lA 


tMaml HUgs Up, «-U. 

ttA.SMpCan.fi 519 &SJ 

••Hey- — W u 

fetagtaLlOp — n n: 
toshalL'w. , A , _. Tfc so; 
AanUTiURMnal. Me 9U 
OaHadMaHO. 83 1.7 
MArtte«a7Vri_ CT 9 sou 
HtelpiMlp U - 

9a l?. 

wmaanrH 1 U EL 


, LEISURE— Continued 

N Diridenh ! I -|Ltt| Oh I |n* 

ftlP.C pm I ■ Stale 1 hit* uni 1 Net itvIfirt.P.t 

inloo lto «ta{KBanJTVlWMpJ | 2B7 ftfl 105' 13 f 70 86 


H’JI ICtaraJh, 1 23SdSAU| 56 lb I 341152 

-1713 October IHrterUrePredSpJ 15 'lb.?! bd225 23 '21.4! It 
10)27.1 Fab. JonafeWne Boas lOp — 1 78 U 7 .bl t 2 b> 2 fa aflll.l 
ull?k a« iwiktoiinuin I ana luo. uti is : isini 


.:!•*;> MM. .. JuwwiaaawB — 

• »UcUSdcacn2<tf 

! '< Mf - ■ JareHMIto tots 


9a 17 J, 1725)33 

Ufaftfa.9 &7f 2 j 0 


gsaCructte. 
rhlWFAZ 
sltaOUlfip. 
anGrplOp — 


cH&Spcmr LOp. 
ewman Inrfa lDp_ 


AprtttaSrtSp 

MJUimaMbp.. 

■JaftjteSkeAEJm 

»ktao«20* 

&)HOreeW«IO01. 


JTZ I trS, ■* rnfc jwmne *q 

iraH *». QoftniMmu — » julii itsiiB; 241*2 

^S5J 2.«1L3 - kRAGflwfe 1 Wjl-i — I — _ l«U 

Is 5 - 5 J* JonHUrampan tVA Ife — B 035' «07l ® ! &2l • 

m ««7 OttJHTV NonVip. — _ZH UO Q4J01 7 7 2.5 I bQU 

Sa*- OoJHoriMB 1 O 2-1 I 44« 36 i 71,137 

306 QA^2J Bd - £|« Jane^ieqH US 06.91 MIS 65 1 22 9.9 

— 1 “I— -j— JM Augfam L#tm m U2fc!9Ji 4&U. UlLl 

33 45)82 Mb JoAHJoSaaft HMgv 2p _ IBS >101 18 2A173 

S 25 0372 Ju tenbLIVT - 285 054 10® Z3 1 77. Bfa 

— — 1 — — flLroorr 1 » lOo 33 * — I — 1 — 1 — 1 6 

21 749.4 Jan iAnmn la l’b- M M5 til' 3.9 ! 5il5B 

425 6 73 6 - iHwwar.. ... . . J 110 i-\ *25^301 34035 

ffidU 52113.9 142 fNtafiaT«6tai20p. U3 36.91 p25S 5.4 2^132 

90d 9 29) t Apr. DeuMatamte 10n 163 pJ' 5J5 1 ♦ « ♦ 

34 2-5 3«08 Oct UwWwWorttlOoIZj 233 5T I 36! 43 I 2205.9 



90d * 2.9^ 9 Apr. 

3425 34 HS Oct 

42.5 34 { SHU.B I 
TtAK 27 29285 

*23 15 *jts.9 Jgtj 

Z04 — L5S132t April 

tUjl. 9 34 9 Dai 


1 83 2.1 l 

1 M 06.91 

lflp 132 fcSJi 

jv2p_ IBS >301 
285 054 

*sim 

ihn2Da 153 36.91 


UwMIrMWort 

Illy WlftiMwfe 


)Ji 4£jU 63163 
1301 12JH 35 ) 24.17 J 
14 14.® 23 j 72 86 

L 6 I til' 19 1 56! 55 
- «263i 30 1 34035 

691 9250 5.4 24132 
U-' 5J5* 9 I 4d 9 
.9 I 36! 43 1 2215.9 


PROPERTY— Continued 

OMftnth ' I** 9" ‘Ttt! 

PaM Stack Pnu tt 1 Rat 'Chr'Er's-P-t 

JM SwOrncoaiDfrcnippJ M 028| 175 421 IttBA 

Apr OnW.W&aPiBlftU IO M 5t|,l 1 

in NB^MMer»nAr_Il 4««81D 15 Sftf** 

3«aa «anaiiwTn«5p— W»02«l O J; — ! *S,T, 

JM OatlwtarHattlJJ lg 56} 3az.9j 2.9-175 

3 m Jw'HanbnaM Proa 100 J »7 076 SfjH §S«fc 

Feb. Oa «*hmrte lto 558 69.7 W4Jj*l 

Jn NoPfHKLMOl } 60 0230 Qldl85 9234 4 

fey OatawhwuttP»-; 3« MJfi- w)** 

Apr Ortll-Hry l^pprfly 1 2 M 5Jj LS 25392 

Ur Jf Sp DrtnlBePOjJOOl— J 7M' Sl7 0^-J f^.r. 


j MHBl 625 1* J.wJ65 

H« OoLod bk^OhM \ 1215 5uX5 

On. JatAattSaortihU-i J15*|S L* bqPf 

Oa. M». 9 U«II.iawS 0 t_ : J M4 W 90«N 9 W 9 


INVESTMENT TRUSTS— ConL 
i - utt B« rM 

Stack Pike tt Hat C* Vi 


22 54 U 6 San. Apr Jneasorau 5 p 


CtaiM»idrL(wrt..i 71 0S9' 13.75: 25 ! 75' 63 

UN« 8 lolnt 20 e — 15V - I -I- - - 

''.'•mers Atman Zt&a.al 13X221 6.41 9.9 

- IPtantllAL) 44 ffffil 

pm iWlBhm*Ol»V5p. 19Vll28l 187) 1J 1 13.2 4.7 

Decanter Wra#* Doe Si Up <7 tK32l tCLiU i 45253 

■ jKeasoraaSp 323 3.9 tMAj3J 2d 192 


Jan M<mbpEi»«510bJ 4» 

ft SSSSSfs: S&.I-S35 -gw 

Z SS®Tta5w ! H-99JlM4 Mini 09^10.7 Mf-- 

ft ass ^d S5 lb a^iS In 

sr jsasars a 

s asssf.^ s a ’sa as* 

fer Au9iHDa«nrtf»EaA.5pJ 375 1.7 4510.7 1J75 

Jo. jutylMacUm (A- & J.l — .. % 036 50512 7.9(MO 

Detenbar tewCair«Wi5p- j 75 07 mMu. ZJpM 
June U 0.3 d" dr 


lanJ 420 &6 16^36 

1 ic i- w.'V - 


1.9 aSlaj SepL MarJ Do. 7pcC*CnltaPf J 157 028 [ 7V< - 64! - 

1.4 bXSQiii Bay fePiasEiMnainiOiiiJ 86 MJfll ffiS 21 3^204 


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INSURANCES 


Dec Jfb 
to ft 
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JM 00 
FJ460. 
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wlniSp- 465 115 
tetp ... — 44 S81 

QjZZ 568 17 
«fetmou«— — 271 389 
hngMCottPtRSlOa ft 128 
IfYeffiM tawncr Sp-l 127 I- 


83X24 52 9.7 

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6 85 26 50160 

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Dec J»ne SPRAJT50p 

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May ItaScotRortbera- 

Apr- Oa Sec-MUancaTa— 

— Second Market bw-5o 

jgh Bk Securities TstSML — 

M*> Oct Shifts tov-SOp--— - 

Sept Ma> Do. line CwLn 2003-4. 

Doc Jora Smaller Cos l"» 7* — 

Dec. Jaffa Siewirt Eat In* Uto— 

May S'boifcasFwEaaSl- 

Jm Jatv SurtrtioMtes In* 

Jan. joy rR AattitBaTrosi— . 

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Dec JoJyrRIii.G General 

Jm July IP Naval RevccTj-- 

Jan. jut) TRNortb America- — 

May Oa TR Parte Barti 

Dec. Jm rRProp.trw.Ta. 

Dec. Aw rR TetimAW 

Feb Sent TR TruBatS Corpn 

Mar. Ott TtaPleBar 

April Ho*. Ihra*. Sec Growth — 

— Do.Cap.El — .— 

Apr Aug Tl*o»nortafl Tr»H — 

— Do. Warrants 

Mar No* Tor. IntesL Inc. 


5P 


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126 

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Fab. May Trans. Oceanic 

Air. Aug, Trtbm tares. —— 

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Juri Dec VMog Rruorce 

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Apr. SepUVaoiMD to* 


213 169 
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OVERSEAS TRADERS 

Sited 2 HI “^13 

iMdllh _l 63 0421 -H — 


71 110 610380 
36 9422 05) 53 

« »21 -J - 

« £76 

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PLANTATIONS 


Finance, Lank, Rtc 
Staff 1 Met I tt 1 ! NH lc*irl 



Prim OH 

s« kri 70) 50 1 70 


PROPERTY 


L19 042% 4 20] 4 Hu*. 

15 2M — *3— Oae. 

0 5 T Zli 29 4|106 A^! 

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LEISURE 

1 1 


1.9 lan L9 
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20 33162 Septanter 

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Investment 

to FebjWha to*. - 

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— lQ«He*bk£l — - 
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94 128 1JB L4 27 
647 29 11702 10 ft 
Bn MJfl 86 10 195 
515 , auo 843 LO 02 
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125 2.9 
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June 0 « Htostferff A»25- U OA 02C 1 

— UtoUnrTty to*. 20p — 68 0295 — - 

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August bameln4F|n?jpri ? 

taraffer ier faley TwJ wttogy ■ W5 118 toHJc 1 

fey Bttedwtogp l»»2t J ft “ m0t ' 

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r a* 

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Feb. ttt»JH«rtro Trust UD £ 28 6 99 . 

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June IpHawParSSl— 88 M6 QlOc 

fi fi&fiSIB 

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tay ^wAeWiarAS«0-, W 3 77g 

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Fab sepaMcUadRnssriCl. 
Apr- teJDaWpcCtePLW 

May HorJMorana 

July lirafUteation*Gwla 
Jaooarr IwuttaDSDnU 


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D8>jL7 350 43 30 

217 176 1*5-75 45 40 

190 >0.9 849b 76 83 

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2S5 176 150] 67 20 

4ZS »2ji 200)69 67 


40 2^127 


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Aag. FebJwea Rttd Rl 1 


MINES 
Central Rand 

an Detain J « | 

Hand Pip. Rl— 4 3® 

i Cora ZJ Sr 

tas'a Es. R2 — I. £44^ 


L4 4^245 
25 2J2L5 
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LB 60(126 
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Hovtnfaer 


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l-i -156 

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lul 541282 

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43 24136 

29 9A50 
43 4369 

♦ is 6 

6 36 6 

M 

L7 271306 
24 ii(lL7 
36 22)220 

30 2bha6 
9 LM • 
L9 80j 67 
9 t* 9. 
36 L9!».99 
2D 80196 
2J j 30j]45 

rJ 48 1 (95 Z 


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2* 

- cm Dana (H OT 

February fcastemTrW.Cn. 50c . (37 

Dec. JffetSoHD^I ft 

Aug. Fflbi6nmriei25c » 

May HovjGteoaRIu. TO 

May No*X*rtefa5c j * 

Aag. Fcbtartffeima-— J 79 

_ ^MttttrBGaMtteip— 55 

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Twb.(hga(25c 1 38 

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Feb. AugJedkffNKUO.— J UI 

Feb. AffSwfenieteia. 838 

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to. 5«LlWiaenDwpR2 — Of% 

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sa°;[| 


NOTES 


S!SljS^5r&5itoPte M *« « toMrteto 
on trite! j—ri Itpaws raiwteff to mm**. ******** o ra- 
v«*1y Kqaro. Pfc an atalaari an -PH** Ptttt tetea teh. 
ttto« kMB rmwiirt dn pnM ifvr unto md oifiSiifd ACT Mic 
omMcAIc; A ni^Ttr 1 bpra MdkHr 10 or oot a^uikc it 

cafcuUM m "nr dotrMM Com o»r biMO oo ^mnoT MMe 
Ms rinrflfn gms OM wi tf eo« 10 prrti Mtr tnM ****!!? 
ncoteont pnrtairtwite hot ndudiag tetrwri ff rara ra ri hoflamblr A CT . 

irtalte are teteP on oHttPe pnea ta *8»Mtfto ACT tt 30 pee cera 

to ritow ta value *< radvtd tesribMIon to rigtot 

• "Tip Stock*. 

- Htght to Low, maHttd thus h rac bran abitelrt to aBrai tang N S h te te 

tor art. 

t iraarim since taereaed ar reraato. 

X Inaente vine* raUootO, mbmP or detoreO. 

XX Tttrtw to toftetewte on ffp n cffBw.. 

6 Rptete or report antfMP. . — 

• nm gmoiar UK hM aetoai po nanaP radar tor 5 jS(»)ui. 

* USuTnoirte* on Stock Effwa to catepaay aoa sMccted tosraw 

dcranri itteAMion te h«ed rtowtoe*. 
tt Deff la rader Rtee S35CU. 

• Me* at tow ol rewradan. .. 

a Indtttttf drilnrnd Otar pendtag te w p totartghte brae: cowrrctMteto 

pared dtoeff ar Inrecaa 

♦ Mre gra bto nr n u iga nlntl n n In pcagrera. 

♦ Some rag rtm i rtt ad f to rattte reduwd WB teto fea ttal. — 

* C^tetetoU 1 * tacSSSn tertwr r to ra* trahrep tor dtorartra 

, sr^-j5ricii2w« 

buredMe. Ita HE rife reaaPy prarided. 

OFr.'wffa^rente. Fa . French freng . ♦♦ ViHl I hugd ra jffrewBra 

Trasary BW Rtte fey* u rah-g.d raw te feff. » A rafehed 

fefereL HFUteObart »* preapfera ra reb er teta entoae. oCra rt. 
4 nudmi rate pari v vmWv «a pm cmuL ewer fcved «t pmimjji 
but cpiett j i Rede iwtegn ytohL * HM fe te 

b Kenya, ratrearim higher rkm prefe ra nan, n ttfei to** pnttnt; 

a to iwp 1?^" 

jSrisS^S.tiStoS' Sd ff^^ta rt toraw toaa^lOONrea*. 
y DMdarel to ytalfl imefl ad raergar learns, i Oivtera* to.7j«MJto»» 

W ^*MtoS«*Sto^SdS , SJtal5T2*ip!a?*£tara 

SS^rta^SSSS 1 j Iffrt tajtoj ** 9 **" 

attta r lg tal ife.l»»>^*riarinta >blritf8i « F ^ y»^y > , ?r. 
Mbnain ta ML KFfembtttf w teb l paa ratf dWMi raMfen ta 

lbtti. M DWdarte torifMtatodn p ira u ff a ar re fer dW cIM efeffiaier 
, 198586. NONMerel to yigWfeHO !■ W M a a toi rai l feagBIfel ratafees 

. ta 1985. P figure* toed at pndpefe»d» tore feMtetetoiltetalKD. 
■ftws. T njbre* PfetaA. i Ototo too* to 8fe 
Abb. niMUff Mfedradereb re retod fe! ttrarifeS" "*4« 


U«,170 
111 L7 
838 1J ! 
949 L7 
322 128 


Ol £28 
386 £78 
£38 p20 

3M 

159 ft28 


REGIONAL & IRISH STOCKS 

TfaelaUwniigtoasewnttnpIRegtoaala rellnrt iiaictt.ttielanerbeing 

Qoaud m Irish currency. 

&a sfc= * = ™ 

SBS6S= i = 2 = 

m9aLa -uA M IJSSStir S zz 

Fin. 13% 97412 ObSSL.^ I 

"Recent Issues” and "RUM*" Pi*e 22 
(Intcraationnl EditiMi P— e 22) 

Tib senate b HtobUe tt CM* C o w p t w NM b M StOCK 
L t rirto j ei ttaa u Ppp f da Unttri I C ngNre br A tfe tf ON per 
am tar och racaritj. 








) : " ~ _-.AFlUENnjn&TW^ 


28 


Financial Times Monday November 4 1935 


INSURANCE 


CONSTRUCTION CONTRACTS 


upheaval in marketing on the way j Superstore and leisure co 



BY ERIC SHORT 


THE SHAPE of the system 

which will regulate the City 
and supervise the protection, of 
invest are was last - week 
revealed -by Sir Kenneth Ben-ill, 
chairman of the Securities and 
Investments Board, the body 
provisionally sec up as overall 
watchdog. 

Most attention was focused 
on investment, with various 
Self-Regulatory Organisations 
(SRCe) to handle day-to-day 
supervision, and on the several 
investment exchanges that will 
operate under the SROs. 

Much less attention was 
devoted to the marketing of 
investments. Yet tile forma- 
tion. of the two matin marketing 
SROs — the life assurance and 
unit trust SRO (Lautro) and 
the Life and Unit Trust Inter- 
mediaries Regulatory Organi- 
sation (Lutiro) — will revolu- 
tionise the system of market- 
ing hfe assurance and unit 
trusts in the UK. 

Such a devolpment may be 
less glamorous than those on 
the investment side. But it 
involves far more people, with 
tens of thousands involved in 
marketing life assurance and 
unit trusts ao the public. 

This marketing covers many 
activities. AT one end, there are 
the agents of the home service 
insurance companies calling at 
tH*» homes of TW-'dioitfars to 
offer a variety of -life products, 

mciiKUng 'inuusLi'iur iu< »a..« 

ness with its comparatively 
small premiums paid weekly or 
four-weekly. 

At (the other end <of the 
spectrum are the sophisticated 
financial and tax planning con- 
sultants providing a complete 
range of investment advice to 
upmarket clients, in which life 
contracts <and unit trusts play 
an important role. 

This hotchpotch of sales 
people and organisations has 
no overall official supervision. 
Registered insurance brokers 
are controlled iby the 1977 In- 
surance Brokers (Registration) 
Act. 

Some intermediaries are 
members of the National 
Association of Security Dealers 
and Investment Managers 
(Nasdim), another of the pro- 
posed SROs, and are controlled 
by >its rules. But most people 
in hfe marketing are free from 
central control. 

All this will now change, and 
all salesmen will now come 
under supervision in two ways. 

First; through the SROs, all 


Independent Intermediaries wiH 
come within the orbit of Lutiro, 
while Lautro will cover direct- 
selling employees and tied 
agents of -life companies and 
unit trusts. 

This control will be exercised 
through the businesses being 
authorised by the SROs and the 
business will be responsible for 
Us employees. 

Second, all individuals will 
be required to obtain a licence 
before being allowed to sell 
life contracts or unit trusts. 
Misconduct could result in the 
loss of the licence and the right 
To sell life assurance and unit 
trusts. 

The Office of Fair Trading 
has expressed its doubts 
whether an individual licensing 
system is necessary <in addition 
to the SROs. 

The establishment of Lutiro, 
which held its inaugural meet- 
ing on Thursday, will mean that 
all independent intermediaries 
will be subject to controls 
similar to those imposed on 
registered insurance brokers 
under the 1977 act. 

This act makes insurance 
brokers conform to minimum 
standards of expertise and 
financial control and imposes a 
cade of business conduct on 
them when dealing with clients. 

However, as a means of pro- 
tecting investors; the act was 
less than a success, since inter- 
mediaries could ovoid it by 
trading under a different name. 

The British Insurance 
Brokers* Association has been 
campaigning for years for all 
insurance intermediaries to be 
brought under similar controls. 
Now this appears likely to 
happen. 

Lutiro is being developed 
under the aegis of the 
Insurance Brokers Registration 
rv xt. hi. the body which 
administers the 1977 Act. Its 
cnainnan. Mr Henry White 
Smith, Is also chairman of the 
registration council. Details of 
Lutiro's council will be an- 
nounced shortly. 

it seems a lair assumption 
that the IBRC standards will 
be applied to Lutiro and 
imposed oo all independent in- 
termediaries. These will thus 
require adequate expertise, 
proper financial control and 
sufficient professional indem- 
nity cover. 

There will be considerable 
work for Lutiro harmonising its 
proposals with the 1977 Act 
and with the other SROs which 



; LESSER DESIGN and BUILD, 
and even free stationery, with j Teddlngtoo. has secured four 
the prospect of an annual sales ' contracts totalling nearly £12m: 
conference in some exotic over- > On a 20-acre site at Broadbndgt* 
seas location for top producers. j Heath near Horsham. West 
As years have gone by the i Sussex, work has started on a 
tied agent ha* acquired con- ! superstore and sports and 


siderable power over the life 
company anxious to retain his 
services and many have made 
full use of that power. The 
100 per cem-tied concept Has 
been modified. 

Now, many agents are only 


leisure complex, a joint develop- 
ment by Tesco Stores and 
Horsham District Council. 


pantile roof to harmonise with 
typical West Sussex architecture. 
Particular design features are 
the three powered revolving 
doors, each IS ft in diameter and 
giving ample access for the 
disabled. 

The comprehensive sports and 
leisure complex adjoining com- 
prises a theatre workshop and 
rehearsal rooms, facilities for 
badminton and table tennis and 
an indoor sprint track. Exter- 
nally, there is a six-lane running 
track enclosing a full-size, all- 
weather football pitch with 
artificial surface and further 


The Tesco superstore, with a 
total sales area of -52,000 sq ft 
(70.000 sq ft gross) will employ 
. - . . 350 people, mainly recruited 

required to give a substantial I locally. The building is of single 
part of their business to the 1 storey construction featuring 
tied company in order to get > locally -made bricks and a red 
the financial help, and can 1 

broke the rest. Other agents ! 

have formed ties with more ■ 

^sssEsJttz ! Hereford shopping centre 

pendent service to the public. 


facilities for five-a-slde football, 
tennis, oetliall and baskcihall. 
The complete project is expected 
io be finished in Spring 19t». 

Further south at CJiandiers 
Ford near Southampton. Draper 
Tools has cnmmis-Moned a £»nj* 
plus warehouse extension with 
matching refurbishment of the 
exterior of their present build- 
ing. At Hilltngdnn. Middlesex, 
Lesser Design and Build is ■ con- 
structing a flm two-storey Mock 
of 42 bedrooms with conference 
rooms at the blaster Brewer 
motel for Fuller, Smith and 
Turner. 



CRENDON 

Hi-Spac Structures 
for ■ 

Hi-Tech Industries 

CREN00N STRUCTURES LOOTED 

Loro Ocmte. 

Trt. Lma Ci«ndra>«DM4)2eM8! 
To4ot 332*9 


while still remaining tied. This j Wcrk has started on Norwich 


Sir Kenneth Berrill: 
classified tied agents 

affect marketing, Lautro and 
Nasdim. 

Many intermediaries selling 
unit trusts are members of 
Nasdim. This requirement will 
no longer be necessary under 
Lutiro, though membership is 
still likely to be necessary if 
the intermediary transacts in- 
vestment business beyond life 
assurance and the nnit trusts. 

The other big problem that 
arises under the new system 
conc er n s the role of the tied 
agent The announcement 
from Sir Kenneth Berrill classi- 
fies tied agents along with 
direct - selling company 
employees and brings them 
within Lautro 's orbit 

However, the tied agent con- 
cept which has only developed 
wer the past decade or so, is 
fery much a hybrid between 
die direct employee and the 
Independent intermediary, with 
the tied agents themselves 
claiming to be independent. The 
current framework has trouble 
fitting in hybrid operations. 

Under the original concept 
an agent tied himself to a life 
company, invariably a unit- 
linked company, and placed 
with that company all his 
business that the company was 
able to write. However he did 
not become an employee of the 
company. 

In return, the agent received 
help from the company in addi- 
tion to commission payments. 
This took the form of free 
office accommodation, com- 
puters, secretarial assistance 


devlopment has upset direct 
employees, caused concern to 
the life companies and infuri- 
ated insurance brokers. 

This could change under the 
new system. The SROs are not 
geared to deal with hybrids. 


Union's £25m Hereford shopping 
development. W ILLE TT has 
been awarded the building con- 
tract. It is planned for tenants 
to be dole to complete their sbop- 
fittifts in time for trading by 
Christmas 1987. 

and the Lautio brief envisages ) by 

iUSt 4 a barpfcl vault, within which 
one company, winch will ac- j there will he a food court at 
cept responsibility for all busi- j first floor level with a range of 
ness placed by the agent, includ- • shops on the ground floor, 
ing business placed with other [ There will be 33 unit shops 
companies- L ranging in size from 1,000 sq ft to 

This gloomy outlook for the j 

future of tied agents is in com- J * — 

plete contrast to the reception 
given to the original White 
Paper on investor protection 
which was dubbed a “ tied 
agents charter” because of its 


4.000 sq ft, 4ogetber with .five 
kiosks and three space units in 
the main scheme, bringing the 
total shopping space to - 150.000 
sq ft. 

In addition. Norwich Union is 
developing a further six shops 
on a freehold site adjacent to 
the mam scheme, which is held 
on a 125 year lease from the 
Hereford City Council. Willett 
is undertaking both contracts 
simultaneously, the main one 
valued at £Sm and the freehold 
site contract at £800.000. The 
scheme includes a 300 space car 


park tucked unobtrusively be- 
neath the new scores. 

In essence, the whole project 
been designed to complement 

the scale and character of Here- uni(s Karra I ha by 373 hmtn 
ford's conservation ra. vbjte ^ 76 unlfs hy rh e end of 1ȣ\ 
at the same tune propelling the additional avromiRodarioa 


Housing for 

Australian 

oilmen 

WondMtic offshore Petroleum 
Ply. operator for the North W«« 
Shelf Project. Western Ausira- 
iia, )>a* let two contracts' with 
a combined value uf A$10m far 
building 53 houses and 34 
medium densitv mils . 
Karra l ha. 

The contracts form port of > 
programme to increase Wood, 
side's existing 150 liouses and Jo 


City into the forefront of modem 
shopping, says the developer. 

There are three joint letting 
agents: Donaldsons. Hartnell 
Taylor and Cook and Edward 
Erdman, who have been advising 
the City of Hereford and are now 
retained by Norwich Union as 
well. 


proposals on commission, dis- 
closure. 

The fears of the dominance 
of tied agents were reinforced 
when earlier the Marketing of 
Investments Board organising 
committee was formed under 
the chairmanship of Mr Mark 
Weinberg, who developed the 
tied agency concept in the UK. 
This committee was formed to 
handle the marketing aspect of 
investor protection. Its member- 
ship has a bias towards people 
with a vested interest in tied 
agents rather than those rep- 
resenting registered insurance 
broking interests. 

The SRO framework will also 
require a restructuring of the 
industry control of life commis- 
sions organised by the Registry 
of Life Assurance Commissions 
(Rolac). 

The situation on commissions 
will be clarified when Mr Wein- 
berg’s committee publishes its 
rule* o- subject, expected 
this month. 


FINANCIAL DIARY FOR THE WEEK 

The following is a record of the principal business and financial 
engagements during the week. The board meetings are mainly for 
the purpose of considering dividends and official indications are 
not always available whether dividends concerned are interims or 
finals: The sub-divisions shown below are based mainly on last 
year’s timetable. 


COMPANY MEETINGS 

Bristol Stadium. 11. Maitsarid 
12.15 

Hadson Pdmnm Intnl. Great 
Hotel. Liverpool St. EC. 11.00 
BOARD MEETINGS 


St, w. 
Eastern 


amMorn 


UfMar 

Oxford 

Trsons 


Acted Brit Poods 
Btofehl TiA 
Gee r s Gross 
Jfecaro Intnl 

Instruments 
l Contractors! 

Wire and Plastic Prods 

DIVIDEND A INTEREST PAYMENTS— 
..... of Scotian 
J.So 

Bowater Inds 3.75p 
OPCE ZJlo 
Falcon Inds O.Sp 

Highland and Lowlands Bertiad 6-255en 
L-i— * i* mV Sub Fits Rate Nts 1995 
S47B-S6 


London and St Lawrence lnv 1.130 
Morlev <R. H.i 12g 
New Zealand 11 Luc 2008 5.fl29oc 
Royal Bank of Scotland Fits Rate Nts 
ZOOS 1150.50 
Scottish Aerie Inds 6 So 
Sherwood Computer Services 1 r» 

Television 0.S5p 
Tharsls Co 1.4p 
Trade Indemnity 4.23 b 
W attpoughs 1.7» 

Willis Faber S Os 

TO MORROW 
BOARD MEETINGS — 


First land Oil and aGs 
Gomme 
Hepwortti fj.l 
Keystone Ins 
Tav Homes 

LEo* w - A) 


Salnshurv U.J 
Whitbread lnv 

DIVIDEND & INTEREST PAYMEN.. 
Anglo American Gold lav 1 75.00881 p 
British Syphon Inds 1.25 b 
C ambria bo Electronic Inds 2 2 b 

"* 1908 

MacsJIaiwGIeitJIvet Ip 

Morrison (Win) Supermarkets 0.35c 

WEDNESDAY NOVEMBER 6 
COMPANY MEETINGS — 

'Advisee. Hotel later -Continental. 1, 
Hamilton Place. W. 12.00 
Cantors. 164-170, Queen*- Rd. Sheffield. 

1 2 30 ... 

Global Group. 16. Bedford St. WC. 11.00 
Industrial Finance and Investment Core. 
Chartered Insurance Institute, 20. 

Alderman bury. EC. 12.00 
Media Technology. Stonetoridoe Parle 
Stun to Complex. Bsrertord Avenue, 
wvoombe Bd. Wembley. Middx. 12-10 
New Court Natural Resources, Groat 
Eastern Hotel. Liverpool Sc. EC, 3.00 
BOARD MEETINGS — 

Final: 

Jessups 


Compsoft 
Ecobrfc 
Electron moanentx 
German Smaller Cos lnv T*t 


Continental and Ind Tst 
Grain Shipping 
Shiloh 
WA Hldftf 

DIVIDEND A INTEREST PAYMENTS— 
A ar m pace Engineering 1.2b 
Assor British Poods 7LpcOt) 1988-43 
3.625BC 


County Securities 


We are pleased to announce that we are now 
trading from our new offices at 


Drapers Gardens 
12 Throgmorton Avenue 
London EC2P 2ES 
Telephone: 01-588 2525 
Telex: 916041 
Fax:01-638 2152 


County Securities Limited is an international 
broker/dealer in European, \J.S. and Far Eastern 
equities. County Securities Limited is a member 
of the County Holdings Group and a wholly 
owned subsidiary of National Westminster Bank PLC. 


County Securities 

A member of the National Westminster Bank Group 


NOTICE OF CALL AND REDEMPTION 

To the Holders of 

The Bank, of Tokyo, Ltd,, Portland Branch 

(Incurpcihird r.ur. tmiivd totality in -'«*anl 

US$74,000,000.00 Callable Negotiable Floating Rate 
Certificates of Deposit due November 17, 1986 (the "Certificates") 

Notice is hereby qiven that, pursuant to the provisions of the Certificates. The Bank of Tokyo. Ltd.. Portland 
Branch ("the Bank") will prepay ine ouisiandino principal amount ot the Certificates identified below m full on 
November T8. 1905. the next Interest Payment Date, rocterher with the interest accrued to that date. Payment will 
be made against presentation and surrender of said Certificates at The Bank of Tokyo Trust Company at 100 
Broadway. New York. NY 10005. The Certificates being called are as follows: 

Number of Principe! Amount Aggregate Principal 

Issue Date Certificates of Certificates Amount 

May 16, 1983 14 S1.000.000.00 S14.000.000.00 

The Bank of Tokyo. Ltd.. Portland Branch. 411 SW 6ih. Portland. Oregon. 97204 


Amor B- t .u :»n sjsp 
Biddle 2.4 b 

Irinsn Estate* 7Ape 1st Mtg DO 1987- 
1992 3.875PC 

Brooke Bond 7 PC Uns Ln 2003-08 3 -Sbc 
burton 7 PC Lit* La 1986 3.5PC 

,K m * d - 

Continental MtcmwiK 2.250 
Court. P kfi 6oc 2nd PI 2.1 D. 6hjx Uas 
LA ; 994-96 3-250C. 7I4 BC Oh Lb 
. 1994-96 3.623PC 
Mta lO^pc Ob 1995-99 5.37SPC 
Distillers 7 tax Ln 1988-93 3.6250C 
ENco 7 UPc Db 1988-91 2.75PC 
CLtb+ccl 1 .Bp 

Hewitt U.* and Son (Fenton) 0.4a 
Hunt (Charles) Motors 7fcjX Db 1986- 
1S91 3.75BC 

Intnl Bank tor R*C and Dev 1]l«c Lb 
1986 6.7Spc 

JSO -Comparer- Group Intnl IB 

LalnB Uotin) 2b. A Zo 

Mjmoo Finance Tit 0.8750 

Mend Bax 1 0ijPC Lns Ln 1992-97 3 .25 pc 

ReabrOOk O OP 

•mt jng^ riTomaM 8 'jpc Un* Lb 1989-94 
VKkers 5p 

Whitbread 7UucUraLe 1995-99 3.625 Be 
THURSDAY NOVEMBER 7 
COMPANY MEETINGS — 

Close Bros. Bmnr'1 Hall. AWermanburv 
Souoro. EC. 11.30 

Cons Gold Fields. Hotel Inter -Continental. 

t. Hamilton Place. W, 11.30 
Dowdmg and Mills. Chamber of Com- 
mereo. . 75. Harbora* Road. Birming- 
ham. 12.00 

Kvrahu. 25-35. city Road. EC. 1200 

Sjs* Property Trust. Savoy Hotel. 
Strand. WC, 12.00 

S«rtr« o Restaurant. 11. Manobeld St, W. 

Tor 'lnv Trt. 6. Caar St. Swansea. 9.45 
Walker (Thomas). Midland Hotel, Birm- 
ingham. 12.00 

Wwtsool lnv Ttt. 33. Robert Adam 
St. w. 3.00 
BOARD MEETINGS 


Tilbury has £6m orders 


Bmfedi-Bomeo Pet Syrtd 
BoriHey’s Brewery 

Cater Allen 

BUT Far Eastern lnv Tst 
Framllngton Ovorsoas Income and Growth 
Fur" _ 

Grampian TV 
Hunonn in Tst 
King, and Snaxson 
Meadm-s Farm Prod 

Norman* 

Rmiold 

DIVIDEND A INTEREST PAYMENTS — 


1994-99 5.125BC 


Sub Cap 


BlMC 7 Upc Cnv Uns 
Blue Circle 10 'AX Db 
Bracken Mines OOcts 
Brldoa I .So 
antriih Pelrolaum 12p 
Broinsgrove Inds 0 7p 
Bnrrouohs Carp 6 Sets 
Cantors 1.5p A NV 1.5a 
Connells Estates Agents la 
Dowdlng and Mills 1.75p 
Ferpabrpofc 1 2p 
First Chicago Coro Ftlg Rate 
Ntp 1997 S21S.63 
Hall Engineering 3.660 
Industrial Fin and lnv Cora 2.50 

Kinross Mines 175*T* 

LaldUw Thomson 1 .ZSp 
Leslie Gold Mines 60cti 
London Shoo Property Tst 3.60 
Nation wide Bldg Soc 12i.pt Ms 123.86 
£6.1 875 

onfield Insoection Services 1o 
ShNl s Transport and Trading 1Z.5. (Br> 

standard Chartered Finance Jan G«d Und 
Fltg Rate Nts 5472.78 
Thom EMI 7>1PC Uns Ln 1989-92 3 7 SBC. 
Bhge U ns Ln 1989-94 4-ZSpc. _ SpcLn 
2004-09 2. Soc. 7 Lpc Uns Ln 2004-09 
3.87SPC 

Tor lnv TR 9625P. Cap 1.382SP 
Transport Drr-elooment 1.7P 
Treasury 1 a hoc Cnv 1992 S.25oc 
UDwet Gold Mines 7 Sets 
WW Group 1.94P 

Well*. Fargo Fltg Rate Sub Nts 2000 

170- S 

Wilkes (Jamesi 30 
Wills Group 2. So 
WlnkeHuak Minos ZSOcts 

FRIDAY NOVEMBER ■ 

COMPANY MEETINGS — 

Boulton (William). North Stafford Hotel. 
Station Rd, Stoke-or .Trent. Stafford- 
shire. 12 OO 

London Securities. Chesterfield Hotel. 

Charles St. W. 11.00 
Mi'icr , Estates, 61-63. Great Qoeen St. 
WC I LOu 

&,i!rte?,!sr" r 

s IS5BS ,e kc FTloV**'* HottL L,wpoo, 

BOARD MELTIN' 


Five WH "nve 
CastlC ifi- LI 

London and Prov Shoo Centres 
MlTB Foeup 
Interims: 

Aauascutum 

Future 

Asset Special Situation Tst 
Hill Samuel 

DIVIDEND A INTEREST PAYMENTS 

American F -dtm Men 

Ban- and Wallace Arnold Tst 2p- A NV 

Central Independent Television 2.5 b 

Close Bros 4.75p 

English Ass oci ation 2u 

Grampian 2p 

Hlghcrvatt lay Trt 0 9p 

Laporte Inds 3.2p 

Leum^ , ^ , 2a ,BV * ***■ Flt «l •**** **** c 

McLaughlin' and Harvey 2p 
Steel Burmi janes 4p 
Hi 

■;pc Uns Ln 199146 5.7SPC 
Treasury 3PC 1990 £1.159 
Walker (TnomacJ 0.732Sn 
wcatpooi lnv Tit 1.1 7an 
Whatman Reeva Angel O.B2p 
Woolworth 3o 

...SATURDAY NOVffMBBR 9 

P'V'I|.»|0 s INTEREST PAYMENTS 

■ml Bank Far Hcc and Dev 11. 80c 2003 
5.75K 

Manor Estates 3p 

Southwark SLPc Bed 1983-86 3.375PC 

SUNDAY NOVEMBER Io 

DIVIDEND A INTEREST PAYMENTS 

Eactwouer 10>aK 1988 S-ZSpc 


Contracts worth nearly £6m have 
been won by TILBURY CROUP. 
Heading the list are two jobs 
from the Properry Services 
Agency. One is worth just over 
£im and consists of reroofing in 
felt and asphalt the existing flat 
roofs of administration, and 
workshop blocks at the Royal 
Naval Engineering College in 
Plymouth. This job is due to 
take 56 weeks to complete. The 
other, worth nearly £800.000, Is 
for the construction of offices at 
the Devonport Naval Base and is 
expected to last for 3 9 weeks. 


Other work includes a river wall 
and reclamation of the foreshore 
for the GLC at the Coin Street 
Development on the south bank 
of the Tfeames. The contract is 
worth £728,000 and should be 
finished in six months. The 
company is building a road 
vehicle ramp from Pindar Street 
to platforms 10 and 11 a Liver 
pool Street Station. The work 
includes bored piles, retaining 
walls and bridge construction, 
and is for British Rail. Worth 
£650.000. it is expected to take 
48 weeks. 


Babcock! works 
extension 

TAYLOR WOODROW CON- 
STRUCTION (SCOTLAND), Glas- 
gow, -has won its second contract 
m 18 months for work at Babcock 
Power works in Renfrew. The 
latest order, worth £2.lm, is Tor 
the construction of an extension 
to a heavy fabrication shop. 
Work has started and is 
scheduled for completion in 
November 1986. The contract 
calls for site clearance and the 
construction of a steel-framed 
building, 40 metres wide, 120 
metres long and. 30 metres high, 
and includes piling work, main 
■building foundations, concrete 
toot and brick dado waH- 
ing. Twelve hundred tonnes of 
structural steelwork will be fabri- 


cated and erected bv Octavius 
Atkinson and Sons limited, an- 
other member of The Taylor 
Woodrow Group. External works 
involve the construction of a 
perimeter road, hardstanding and 
drainage works. 


KENDRICK CONSTRUCTION 
has won three housing contracts: 
an envelope scheme. Murdock 
Housing Action Area, Hands- 
worth, for City of Birmingham, 
worth £i.2m for completion in 
August 19S6; an envelope 
scheme, Ashwin Housing Action 
Area, Hockley, for City of 
Birmingham, worth £1.4m. for 
completion in September 1986; 
and 22 sheltered flats. Lower 
Queen Street. Sutton Coldfield 
for Haven Homes. worth 
£355.000 for completion in 
August 1988. 


£5m work 
for Tarmac 
companies 

Contracts worth nearly' £5m have 
been awarded to TARMAC 
CONSTRUCTION. Tarmac 

Refurb, the refurbishment 
specialist company, has a 
£592.000 contract for alterations 
to premises in Queen Square, 
Wolverhampton, for Barclays 
Bank. Other projects include 
building work and external 
works and drainage at a hostel 
in Reevv Rd, Bradford, for Brad- 
ford City Council (£665.000): 
and building three two-storey 
shops In Newport, lsie of Wight, 
for Hardanger Properties 
(£421,0001. A number of con- 
tracts have also been awarded 
for work nn maintaining pad im- 
proving local authority' housing. 
In Scotland a £1.5m maintenance 
contract has come from Edin- 
burgh City Council and a £437.000 
contract for refurbishing homes 
at Fauldhouse, Lothian, from 
West Lothian District Council. 
Others are for modernising and 
repairing homes at Chequerfiold. 
Wakefield, for Wakefield City 
Couacll (£832.000); converting 
maisonettes into houses at Sea- 
forth. Merseyside, for Seflon 
Borough Council < £319.000): 
and improving homes at Bridg- 
town. Cannock, Staffordshire, for 
Cannock Chase District Council 
(£215,000). 


is to house Wondside and kjg 
— The main contractor ■— per- 
sonnel who will be part of ihe 
workforce involved in Urn mo- 
st mi'll on of the liquefied natural 
gas plant and associated faciti. 
ties on the nearby Burnro 
Peninsula. 

A V JENNINGS has been 
awarded AS7m contract to build 
53 houses. The first of these 
will be ready for oceupaiioQ 
next February with the other* 
being completed at the rate 'of 
six a week. 

Perth-based WALSH AND 
UARRH'K has been awarded 
a A&lm contract to build 34, 
Twu-bedrnomed duplex units 
during the next nine month*. 

The awarding of contracts 
build these houses and units 
follows ihc rocem let ring of a 
major contract to another Perth 
building company. WYLIE AND 
SKENE, to eunstruct by early 
1HS6 40 th roe-bed r Do med houses 
and two pairs of duplex units 
for employee? of the main eon* 
tractor for the LNU plant, 
Kel loggJGC -Raymond. 

In addition to the WOF-KJR 
accommodation it is anticipated 
that a further 20U houses mD be 
needed in Kjrraiha by LN(J 
Plant sub-contractors to h«tue' 
their on-site personnH. 

The six equal participant* m 
the LNU phase of the North 
West Shelf Project an* Wood- 
side Petroleum (project opera- 
tor) . BHP Petroleum Ply, BP T 
Developments Australia, Cali- 
fornia Asiatic Oil Company (a 
subsidiary of Chevron Corpora- 
tion). Japan Australia LNCr 
itflMl) Pty. a company Jointly 
owned by Mitsubishi Corpora- 
tion and Mitsui and Co. and 
Shell Development (Australia) 
Proprietary. 

* 

PRESS CONSTRUCTION has a 
pipelaying award from Severn- 
Trent Water Authority, worth 
£500.000. fur water main and 
service pipelines m the Tame 
division m Birmingham. 


This advertisement is issued in compliance wflft the rei/uinmtm nf the Cinuh Hof The Stock £\duiir s v. 
It does hoi com rutile an tnviiarion fo ifw piiMtc to suhst-nK- for or punha'-c am sham. 


COnSOUDflTED FREIGHTUJflVS, inC. 



Authorised 

60,000,000 


Uncorporated with limited liability in the 5tute of Delaware in the Unite J States of Amenta i 


Shares of Common Stock of U.S. $0,625 par value 


Issued and revers ed 
for issue at 
MHh September. MS’* 

29,324,842 


Consolidated Freightways, Inc. (the •'Company") is a holding company which participates throueh subsidiaries in various 
forms of freight transportation and related services, primarily in the United Slates and Canada, the main activities of the 
Company are long-haul and regional trucking, airfreight forwarding, truckload and rail piggyback services, ocean freinhi and 
container handling, and international customs brokerage. The principal executive office of the Companv is located at VMd 
Hillview Avenue. Palo Alto. California 943U4, U.S. A. 

The Company had unaudited consolidated total assets of approximately U.S.SM5U million and stockholder;' equit\ of 
approximately U.S.S590 million as at 30th September. 1985; net income for the war ended 31st December, 19S4 and for Ihc 
nine months ended 30th September, 1985 was U.S. S74.5 million and U.S. $57.3 million, respectively. 

Application has been made to the Council of The Stock Exchange for the admission to the Official List of all of the 29 324 84"' 
shares of Common Stock of the Company issued and reserved for issue. ’ 

Listing Particulars relating to the Company are available in the E.xte! Statistical Service. Copies of such particulars in book 
form may be obtained during usual business hours on any weekday (Saturdays and public holidays excepted) up ro and 
including 6th November, 1985 from the Company Announcements Office of The Stock Exchange and up to and including 
18th November, 1985 from the principal executive office of the Company and: 6 


Credit Suisse First Boston Limited 

22 Bishopsgate. 

London EC2N 4BQ 


Cazenove & Co. 

12 Token house Yard 
London EC2R 7AN 


4th November. /9S5 


m 


NOTICE OF PREPAYMENT 

THE DAIWA BANK, 
LIMITED 

(Incorporated in Japan) 

US$10,000,000 

Callable Negotiable Floating Rate 
Dollar Certificates of Deposit 

Nn. 400101 to40(Jll0 ImmaJ oo 14th December. I«)H3 
Maturity Dote !6ih December, 1 986 Optionally Callable in December. 1985 
Notice is hereby given that in accordance with Clause 3 of (he 
Certificates of Deposit (the “Certificates'*). The Daiwa Bank, 
Limited (“the Bank") wtU prepay oil outstanding Certificates on 
16th December, 1985 (the “Prepayment Date"), ai their 
principal amount. 

Payment of the principal amount, together with accrued 
interest to the Prepayment Date, will be made on the 
Prepayment Date against presentation and surrender of the 
Certificates at the London Branch of the Bank. 

Interest will cease to accrue on the Certificates on the 
Prepayment Date. 

The Daiwa Bank, Limited 

London Branch 

Commercial Union Building, 

StHelen's, 1 U nderehaft. London EC3A 8 J J 

achNovcnjtxr, 1985 


m 


NOTICE OF PREPAY MENT 

THE DAIWA BANK, 
LIMITED 

(Incorporated in Jofon) 

US$20,000,000 

Callable Negotiable Floating Rate 
Dollar Certificates of Deposit 

No. 000161 to UOt tZOtl lssuc-1 «hi l?th Duccmhut iwO 
Maiunr, Dale I Vih December. 198.. Optionally CjUuhlu in December. I'WS 

Notice is hereby given that in accordance with Clause 3 of the 
“ CeniBcat ^ The Daiwa Bank. 
P“P«y ^loutstandingCcrtificateson 
19th December, 1985 (ihc “Prepayment Date"), at their 
principal amount. 1 

D principitl aortouni, together with accrued 

SSSLSi rv., Pwp?ymenl Dutc ' w ‘ iU niade on the 
mp^mem Date against presentation and surrender of the 
Certificates at the London Branch of ihc Bunk. 

IO aCCn,C ,he C ^ficutes on the 

The Daiwa Bank, Limited 

t-itDdtwiUranL-ti 

_ Commercial Union Building, "■ -T- ■ 

Sl Helen s, 1 Undershaft. London EC3A SJJ 

4tb Ninvmber. 1 VS5 



'/! 


.4 ' 




u . 
•-a 
















29 


-! | . -Ki^eud Times Monday November 4 1985 



WORLD STOCK MARKETS 


lu 0r N 

‘ hk +m 


NEW YORK DOW JONES 


Indices 



NW. 


'Oct. 

Si 


Oct. 

SO 


Oct. 

SB 


Pet ■— 

28 ‘ High to* 


■ Since Camp'n 


High Low 


•lMrfKlMM.llM.il muv 1360.73 UBu'imu llBU 1HM» 41M 
HolhlSfldr B0.10 BQ.31 80.17 79.BB 79.43 BolbS n]t7 «-' 7f32 > 

Transport- 6B3.0Z 65B.O1 65B.B2 rhaw ut -I2S'P '?Pl 5 i 


5**8 k 

tr alia, 

ten 


I——" ' «»■««“« «W 650.40 645.60' «3S 55503 102.6 ^ .... 

161.18 152. ,a 161.16 MO*. IHJtmu!! l^So fflSf ' ‘Sf' 

02/7) v4.'Ij (12/7,65) OM/42 


TradingVot ' ! ™ (4.-1) (12,7|65) QM/4 

OOO-t 12U6m 122.16m 120,560 110,608 97,080 _ _ 


•Day's' High; 1593.68 tlSBS.oOi Low 1367.70 (1362.61) 

Industrial dividend ylcklX L 06 *- as : ° ct - 18 ' Oct. U year ago fapprox 
• ' • ■ • I 4.54 


4.60 


4.60 


STANDARD AND POORS 


4 .BO 


' " r 1 !-... 
‘ ■ W. 


Sftica Comp'n) 


• -i,.;- u. 

*• .iri . 

; I:.,.", 1 ^ 


LOW I 


• l u-. jiij ’ 


Industrials. 21UJ6 211.14 210.42 2O0.9S21S.83 128 _ 24 . 2 I 5.83 3.62 
Composite 181.53 189.82 190.07 189.23 1B7.76 188.63 4 o 

• — 1 (4,1) 1 17/ 7/80 1 (J A Mi 


1 ■ I',. 1 ’-*n i 

^ y k- 


Industrial dJv. yield 


30 Oct. S3 Oct. 16 year ago (approx) 


3.71 


3.73 


3.75 


4.06 


Industrial PiE ratio ' 12.71 


12.68 


iViv;? 

>!>-.: - ,a -i«S 

Xi ... . 

•• . V 

1 • (ut . . -at 

t« "* 


12.64 


10.56 


Lone Gov- Bond yield 10.22 


10.35 


10.50 


12.09 


N.Y.3.E. ALL. COMMON 


•' ,iij iv 


■ ■ ■ 1985 

Nov. ■ Oct Oct : Oct 

1 31 i 30 i 29 . High 


Rises and Falls 
Nov. 1 Oct 31 Oct SO 


Low 




110*3 105.41 ,106.85 100.18 113.43: 94.60 
■ 117/7) (4/1, 








Issues Traded 1,980 

RIsea ; BBS 

rail* • 652 

Unchanged — 439 

New Highs — 74 

New Lows 17 


770 (2,008 
970 


686 : 570 
S26 • 462 
60 60 
26 ■ 25 

1985 


. .... ll :' 
, - r i ' 

r : 

1 -l|r , 


Friday 


NEW YORK ACTTYE STOCKS 

Change 


Stocks Closing on 


. • ”lr r 

1 -! Ill, r 




ITT .... 

traded 

.... X 030.500 

price 

32V 

day 
- V 

Beatrice Co.. 

.... 2^82.700 

43V 

- V 

Reynold Ind 

2.433.900 

25V 

- V 

ATT 

.... 2.064,400 

21V 

+ H 

Paniry Pride' 

1.719.500 

BV 

+ V 


Comw. Edison 

Dupont 

Revlon - 

Texas Oil 8 Gas 1.414.600 
GTE Corp. 1,304.800 


Change 

Stocks Closing on 
traded price day 
Z7 7 , - V 

63V + V 

57V + V 

16V - V 

40', + », 


1.714.700 
1.548.300 
. 1.479.000 




j; 1 


TORONTO 


Nov. 

1 


Oct 

31 


Oct 

30 



Nov. 

1 

QcL • 
31 

Oct ■ 
SO 

Oct. 

a» 

19 65 

High Low 

AUSTRALIA 

All Ord.!l.-ti88- 
Metals & Minis.<ii1.80l 

I8M.5 

435.6 

10273 

515.5 

1829.9 . 
515.1 

1842.6 

5173 

1058,2 125 10. 7103 <7?H 

593.9.20.51 ■ 362,5 ,7.1j 

AUSlRfA 

Credit Aktlen tf . l.BSi 

ici 

98.70 

93.19 

96.09 

. 105.73 (173i 5031 iM.'h 

BELGIUM 

Brussels 8E-5i1.-0Oi 

■ Cl 

2S3736 

2816.05 275234 

2637.05151-101 2090.7 <Wli 

DENMARK 

Copenhagen SE>5>1;B5» 

S5IL28 

— 

2Si.il' 

25031 

23737 124:10-, 150.44 <8/1) 

FRANCE 

CAC Generali 3 M2. 82 ■ 
Ind Tsndanee'20 12.84) 

■c> 

•Ci 

221.00 

124.80 

210.4 » 
1253 

21B.3 

1253 

1 

255.1 -31 ‘51 180.9 lOlli 

150.4 iSI:5) 100.1 iS.'J) 

GERMANY 

FAZ Aktlen i3i-i2-58> 
Commerzbank >MU5i 

59934 

ICJ 

59634 

1778.10 

59I3E 1 
17S3.2 

578.01 599.94 11, 111 502.59 Ifcl- 

1712,8 1771l.8fi.3M8. (111.8 <3i1i 

I HONG KONG 

Hang Seng Bank:3li7i84i 

16SD.S5 

1BS539 

1654.68 

1654.03' 17 11.61 (IB/St ,1226.74 i2-l) 

fTALY 

Banca Comm ItaL f IS72t 

<c> > 

414.05 

415.63 

409.90 

4I4.06iST.-IOi 22636 <2Ti 

JAPAN" 

Nikkei 1 165i49l 

Tokyo 8E New i4l..«0i 

12000.10 1295937 
101831 102630 

13908.7 

1055.54. 

12915.B- 15055.5( 16/ IOi 115453 (HI. 
1019.77 105/35 1 10) 7 1 ; 91635 :4,li 

NETHERLANDS 

ANP.CSS General • >978i 
ANP-C8S Induct ■ 19701 

22E3 ‘ 
2053 

22630 
205. 10 

*253 

204.3 

224.2 

2053 

226.60 if I/I0> 165.6 if' II 
205.10 .5!/10i 1 1473 -S.il 

NORWAY 

Oslo SE -4.1:05' 

50730. 

50934 

19231' 

580.20 

30231.30/10.-268.10 fl;Ii 

SINGAPORE 

Stmts Times >186S, 

787.94 

706.61 

765.07 

769.69 

062.66 <7:51 71730 d»:7i 

SOUTH AFRICA 

JSE Gold «,/9 ;8i 

JSE Indust <20,9.781 

- - 

1122.9 

942.B 

11193 

9423 

1099.9 

94E.2 

1140.0 <15.4 . 629.5 >5:01 
1036.8 (16.7. 767.1 i7<5i 

SPAIN 

Madrtd SE <2B.‘12‘84i 

(Cl 

17437 

123.65 

12435 

125.37 35:10) 101.40 iC.1. 

SWEDEN 

Jacobson A p <11. ‘Mi 

1458.40 1444.15 

1434.30 

1439.76 1486.88 111,2) 1295.52 (9/7i j 

SWITZERLAND 

Swim Bank Cpn i31. 12>50i 

SI0.5 ‘ 

50930 

508.7 

£09.1 

5)0.3.1/11) . Sfifi.7 iS) lj 

WORLD 

Capital IrrtL 1 1/1,701 

— ‘ 

333.1 

252.60 

230.6 

255.1 fl/lllj! 164.6 (4/11 

[ '* Saturday November 2: Japan 

Nikkei 

12.809 96. TSE 1.091.57 1 


29 | 


High 


Metals & Minerals 1775.42 1 740.02 1765.4 t/ssj . 2190.07 may -1740.82 <U,10] 

Compoait e]27tl5.48 2B74.B0 2669.5 2»2Jt 2819.0 <30, B) 2348.6(0,1) 

MONTREAL Portfolio 1M.40 116.70 (20.45 127J7 159.35 (10.7) ' 117-00 (4,1) 


8a* nfa* of all ImUtw are 100 except JSE Go l d -255.7. JSE industrial— 
2fi43, and Australia. An Ordinary and Mentis— 500. NYSE AO Common— GO; 
Standard and Poor* — 10: and Toronto Compos ha and Marais— 1,000. Toronto 
Indices based 1975 and {Montreal Peril 0 C 0 4/1/83. T Excluding bonds. 2 400 
Industrials plus 40 UtdWas. 40 Fin Widals and 20 Transports, c Closed, 
n Unavailable. 


• uun. 


• -,i- 
ij.- 


AUSTRIA 


• Q.-- 


1085 

High -. Low , 


Oct 32 


Price 
Sch % 


■ ' - 1,., 


' • • l. . 


391 

555 

1,950 

346 

670 

220 

730 


225 iCredtt'stait Pfd.. 368 

330 Goesaar ' .480 

400 Interunfall 1,440 

222 .Laenderbank^-. . 337 

355 iPanmooser-. 636 

144 .Steyar- Daimler—' 145 
246 Sfslsenar Mag 730 


BELGIUM/LUXEMBOURG 

1B85 . Oct 32 Price 

High Low ' .Fra. 


' ' ' ' ' J 


• ’ 1 -4 


v- rr* - ■ ;,<* i. : . 

■ ■ ■ - \ Si-. 


I £. 


2.600 1,760 B.B.I 2,580 

8 500 5,750 Band- Gen Lux ... 8,500 
8,100 5,440 .Banq.lnL A. Lux 8,100 

7.360 4,380 BekaertB. 7,390 

2,890 2^60 ament CBR. 2,850 

287 200 Cocker ill 216 

9,500 5,S50 Delhalze 8.800 

3.750 2.770 EBES 3,710 

10,900 B.000 E] eat robe L- 10,650 

2,380 1,865 .F&brtque Nat .... 2.340 
5.400 2.B55 ,GB Inno SM— .... 8,180 

2.750 1,835 GBLiBruxi — 2,710 

4,800 '3,575 .Gevaert^ 4.790 

6,190 -5,170 iHobOkeft- 5,700 

2,830 . '2,023 -Intercom.^- 2,756 

10,050 7,620 Kradletbank.- ... 10,050 
1 1 . 800 - 9,450 .Pan Hfogr -.. ., 9,490 
7.^80 5,560 Petnanna— 7,030 
18,000 10.050 RnwJ«'Balgft. — clBJJOO 

4.600 >3,030 SOC- Gon. Buna.. 4,395 
2,416’ 1,615 tSOo. Gen. Beige.. 2,400 

8.600 .6,770 5ofir*a 8,500 

6,880 3,825 Sotvay— 1 5,800 


1,658 ,1,130 -Stanwtok.!ntL.- 1,170 

4,820 3,665 'Tractlonel 1 4,820 

5 750 |4,600 UCB- ! 5,490 


4,500 : 2,006 Wagon tits 


4,240 


1 


DENMARK 


1963 

Nigh Low 


Oct 31 


Price 

Knr.2, 


MAM 4: 


38H 

768 

348 

575 

876 

1.480 

270 

1/80 

255 

680 

640 

795 

1,895 

344 

625 

340 

1,150 

530 


257 
520 
. 259 
1 460 

• g^Q 
1,055 
. 180 
. 770 
> 00 

• 325 
340 

; 464 

£80 

217 


I 353 


•Andetsbankon ... 304 

Baltic Stand 615 

OopHandelabank. 330 
[O. Suklosrfab— ... . 500 - 

S nake Bank 368 

Danske LUft. 1A80 

East Asiatic- 257 

.'Forenode Brygg. 1/176 
Forenede Damp. 855 

•ONT Hkfg :. 680 

US3~" : 640 

vjyske Bank • 720 

'Novo Inds — *<?¥ 

Privatbanken..... 325 
Provlnsban ken— ' 520 
SmldUi (F.L- B.-, 345 
Sophus BcreiNt. 1,105 
Superfos — ■ 400 


FRANCE 


Nov. l 


! Price 
Frs. 


1,775 1,555 Emprunt 44% 1078 1,590 

a,BBB.9 7,355 Emprunt 7A 187381100 

300 , SSBJSAccor 273 

508 Air Liquid e 560 


720 


605 
2,070 
860 
2,620 
1.37D 
2,540 
635 
705 
303 
2,448 
1,650 
864 
750 
260 
3,130 
792 
134 
583 
A 720 


439 BIO 


470 


1 1,361. Bong rain _...;i/l60 

602 Bouygues '776 


1.B75-BSN Gerirale — -‘‘2,305 
* 1,1 5B CIT Alcatel —.1,199 


. 1,790 Carr 6 tour 8,365 

: 390.1 -Club Medlter ; 441 

■ 470.B'Cte Bancalre 669 


• 239.5 Cofimeg -L- 291 . 

' 1,610 Damart 1,750 

1 1,088 Darty 1.650 

600 Dunitz Su« — ' 744 


I 526 Eaux iCw Oeni-.; 660 
! 177 Etf Aqtrttalne. — 192 

; 1,810 Esaiior. -1.868 

. 661 Cen.Ooddentale 673 

I 69 imetaL , 70 

j 361 Lafarge43appee. 564 
' 2,221 L'Oreal 2,383 


\ i 


2,395 

265.4 
1,980 
1,235 
3,350 
2,040 

115.5 
108.8 

809 

563 

277.5 


. 1,850 Legrand — 2,058 

146.5 MaJsons Phenlx,.' 170 

: 1A65 Matra S.A— 1.500 

•736 Michel! n B II, 1*0 

2,078 MMI tClei 3,345 

1,745 Maat-Hetinessy..T,BOZ 

I 51.5 Moulinex 63 

■ 72.2'Nord Eat... - 106.9 

• 64Z Perriod Rlcard — , 724 
’ 417 ;Perrler 458 
205 'Patmlas Fra > 2653 


GERMANY 


1985 

High Low : 


Nov. 1 


. Price 
Dm 


266 100.3 AEO-Telef 

1346 861 AtHana Vers- 

275.3 1763 BASF ■' 

270.4 185 Bayer— 

448 309.5 Bayern Hypo ' 

450 3183 Bayem-Verein— ■ 


2603 

1,846 

275.3 

270.4 
442 


432 261 BHF-Bank— ■ 

543 361 BMW- 

312 . 1B7.5 Brown Boveria ... 
878.6 182.1 Commerzbank.... 
1733' 114.5 Conti Gummi-.... 
1,146 ■ 5933 Daimler-Benz— 

614 338 Degusaa- - 

£46.6 - 160 D'sahe Babcock 


492 

543 

811 

278.6 

169 

1138 

4753 

2463 


725.5 
348 ; 
847.5, 
850 ' 
2653* 
1653 
628 
226 
401 . 
£94 ! 

326.5 


343 ' 
101.6 
620 ■ 

418.5 
284 • 
865 
1.060 
364.6. 

2,460 ■ 
605 I 
1,625 
356 

220.6 
390 
650 
688 ■ 
276.5 
305 : 
278 
165 ■ 
259 
3823- 


3B3.5 Deutsche Bank-: 
2 78.9.0 resdner Bank J 

147 GHH. , 

460 Hochtief 

1823 Hoeohst 1 

973 Hoesch Werke— . 

380 Hoizmann >P] ■ 

163 Horten 1 

27 Mussel 

206 Kantadt- — ; 

206.6 Kaufhof— • 

247 IKHD 

69 iKJoeckner- 

361 Unde-.— ....— 

280 Lufthansa ' 

1493 MAN-.. ...... : 

149.7 Mannesmann — 
509 -Mercedes Hkl— • 

2173 MutetlgsscH 

1,062 Muench Rueok— 

507.3 Nixdort- 

1,026 Porsche : 

240 Preusaeg 

150 Rhein West Elect 
258 Rosenthal — 

439.6 Sphering 

4783 siemens.-— 

86.4Thyssan— — — 

174 Varta..- 

166.7 Veba - — — 

122 V.E.W — ! 

300 Vereln-West. 

189 -Volkswagen-..—' 


723.5 
347 
2473 
830 
265.2 
165.8 
520 
£04 
572 
274 
3193 
343 
100.1 
610 
219 
224. - 
264 
1039 
530 
2,450 
5883 
2,335 

267.7 
Sll 
SOI 
640 
683 
1773 
306 
2733 
147 
369 

382.8 


NORWAY 


1985 

High LOW . 


NOV. 1 


Price 

Kroner 


172.5 
464 • 
176 
173 
155 
237 
211 
443 

163.5 
293 


124 Berger** Bank — ' 

336 Borregaard 

134 Christiana Bk.. -: 
1343 Den Norsk Credit 

100 Elkem. - 

lTS.O.Kounos 


166 .Kvaemer. 

302 Norsk Data 

96 'Norsk Hydro 

2173 Storebrand 


166 

442 

169 
165 
98.6 
1823 

170 
423 
160 
290 


SOUTH ARUCA 


1986 •" 

High | Low ■ 


Nov. 1 


Price 

Rand 


1,95. 1.18'Abercom — , 1.8 

8.4 . 6.65 AE ft Cl 735 

70.25 46.0 (Allied Teoh — • 52 

60 39 -Anglo Am Coal-/ 543 

35.1 22 . Anglo Am Corp— 

696 .161 -Anglo Am. Gold- 185.5 

21 13.65, Barclays Bank.—' 15.7 

12.7 ■ 9-6 -Barlow Rand 1 10.63 

89 . 60 iBMffeto- 7635 

3.3 I 1.0 >CNA Gallo- 1 130 

4.6 ? 3.1 ICurrla Finance.- 1 4.5 

153 ! 8.07 De Beers..- ; JJ.15 

66 . 4035 Driefonteln— — 51 

73 39 'FSCedUhl 1 72 

36 . 22.75 Gold FieWa S3- 36 

6.85 3.6 Highvald Steel ■■■' 5.8 

16.80 8.75 Ned bank — 8.78 

16.65. IO OK Bazaars. 10 

2.6 1 Protea Hlgs- 2.1 

47 : 29 Rembrandt ■ 46, 

24.75.. 14.75 Rust Plat ■ 243 

16.00 1035Safren ' 11 

2136. 6.1 Base Hldgs 10 

9.0 ; 6.8 SABrewa-. ' J.4 

29.75- 19 Smith (C.Gl) 21.75 

7.46 5.4 Tongaat Huletta.- 6.16 

63 1.15 (Jnlsec 53« 


\K- 


430 

307 

344 

1,679 

1,790 

379 

1741. 

2,760 

690 

260. 


. 240 Peugeot S-A. .. 

. 1773 Prlntemps 'Au.j 
212 'RsdlotMh.. — 

• 1193 Redout*. - 

1.360 RoldMl-Uclaf- 

. 281 Soft meg 

,7 1,160 Skis Rossignol. 

■ 2,300 'loMmee eiocl 
410 Thomson (CSFj 
,5 250 Video- - 


3S0 
u. 287.1 
J 3363 
.. 1,557 
.. r.4«5 
... S55B 

.. 1,313 
-'2,560 
.. 66B 

.. 250.3 


SWEDEN 


III *' 48 


1985 ' Nov* 1 

High ■ Low . !5" 5T 

156, 106 AGA J32 

230 174 Alfa Lajml 8- , 

360 205 ASEA 'Free. . 

482 335 Astra 'Freer. 4OT 

180 97 Allas Copco 

295 216Cardo <Free> *20 

144 H3CeHulow- 

167 122.6 Electrolux B. ; 

810 101 Ericsson 

289 149 Mo Och Dom*lC-., 

225 162 Pharmacia •■■■■•, *5“ 

460 agTSaabScanlaFree, 430 

371 240 Stand*.. • — 1, s 

613 42 Stan Easkllda.... 

254 169 SKF — • — 

180 151 Sonneeon f 'Z 

176, 1508tora Koppafbrg iso 

20 a, 140 sven Handels*?"... 

271- 180 Swedish Match-. |1T 

303 ail Volvo B ■Free*—- 


HONG KONG 


1986 : 

High Low i 


Nov. 1 


27.2 . 
20.5 1 

i r* i 

*2.42. 

l1 * 5 - 
9.001 
7.4 . 

8.7 1 

7.45 
10.1 
*7.1 

1.0 

133 

8.45 
2.75 

133 

23S 

27.7 

B.l 

2.7 


1*3 'sank East Asia - 
10.6 iClMUns Kong — 

12.3 ‘China Light - 

0.62. Eve rgo— — • 

40,25' Hang Seng Bank. 
1,56. Henderson Land. I 
5.4o'HK China Gas—- - 
. fi.6S|HK Efectric.— — 
5.65'HK Kowloon Wh. 

332'HK Land — ... 

6.65IHK Shanghai Bk. 
4.97'HK Telephone.... 
18.5 Hutchison Wpa 
0.69<lntnl. City 

a OS Jardlne M*th_... 

5.1 |N - w World Dev- 
l,9S^rient CMm — 
7.9 BHK Prop*.— 


o'02'Shelt Elect ] 

20.5 , Swire Pao A 


5.1 -TV-B 

1.65 World mt H'ldgrf 


SPAIN 


1986 

High Low 


OoL 31 


386 
331 
£20 
177 
400 • 
376 
528 
186.6 
94 

109 .6, 

105 

135.7 


309 BOO Bilbao 

505 'Bee Centra). 

192 Bco Exterior .... 
141 -Bco Hispano— 
$30 Bco Popular.—. 
324 'Bco Santander. 
399 Bco Vizcaya—.- 

187 -Dragados- 

70 Hidrota — 

613 Iberduero— — 
Z26.5 Petroleos — ... 
94.fi Telefonica ... 



JAPAN 


1985 

High . LOW 


Nov 2 


•' Price 
Yen 


1,655- 

755; 

2,097- 

Moo, 

920- 

975- 

576 

745. 

1,480 

2,060 

760 

1,990 

337 

1,190- 

996 

1,060 

2,002 

9,300. 

1,840; 

2,180 


1,040 Ajinomoto - 

415 All Nippon Air... 

1,195 Alps Eleotrlo 

621 Asa hi Chem 

769 Asa hi Glass. 

752 Bonk Tokyo - 

500 Bridgestone 

609 Brother Inds . — 

880 Canon 

1,350 Casio Comp 

605 Dai el .... 

1,380 Oia-lchi Kan. 8k. 
197 Dia Nippon Ink.. 
952 Dai Niponp Ptg 

532 Dalwa House 

631 Dai wa Sec. 

1,183 Elsal - 

6,050 Fanuc-...— 

1,290 Fuji Bank— 

1,650 Fuji Film 


1,110 

616 

1,600 

798 

061 

756 

565 

546 

.1,130 

1,750 

780 

1,520 

300 

1,100 

925 

802 

1,850 

7,550 

1,510 

2,010 


1,320 

1,260- 

465 

2.450 

973 

803 

1,210 

1,550 

1,640 

218 

489- 

475! 

3,160 

6,060 

980 

59B 

965 

219 

790 

240 

610. 

748. 

416 

953 

7,100 

418 


808 Fujisawa-...: ■ 843 

865 Fujitsu 965 

312 Furukawa Elect.- 338 

1.600 Green Cross .2390 

677 Helwa Real Est-' 703 

630 Hitachi 710 

1,020 Hitachi Credit..- 1,090 

1,110 Honda. 1,120 

844 1 ndL Bk. Japan- 1,800 
140 islukawajima He.. 172 

320 Isuru Motors i 3 SO 

323 1 tofu C | ' 4si 

2,270 Ito-Yotado 3,090 

4,860 JAI -.6,460 

660 Ju SCO i 960 

269 Kejiml. 1 616 

724 Kao Soap — I 931 

136 KawasakiSteef— i 142 

548,Klrln 760 

144; Kobe Steel - 191 

433 Komatsu — 640 

601 Konlshiroku 690 

S16KubOta 1 357 

518 Kumagal - 746 

3,050 Kyocera 4,140 

300 Marubeni- 330 


AUSTRALIA 


1985 

High Low 


NOV. 1 


Price 
AusL S 


5.93 

1.16 

235 

132 

3.1 

3.4 

3.0 

3.10 

11.8 

5.36 

2.46 

3.86 

2.40 


• 4.33 

• 1.01 

1.76 

i 0.75 
' 1.88 
: 2.2 
> 2.28 
2.4 

• 4.7 

• 2.12 
. 1.16 
. 833 
- 1.51 


ANZ Group . 4.96 

Alliance Oil Dev-, 1.053 

Ampd Pet 2.47 

Ashton 1.02 

'AusL Cons. Ind...- 2 80 
AuaL Guarantee. 238 
Aunt. Nat. inds....: 2.88 

APM 3.0 

Bell Group.. 10.85 

Ball Rot— 6 . 1 x 0 

'Bond Corp Hldgs 1 23 

Bora! 335 

Bougalnvllla. ... 1.92 


4.4 
2.65 
g.oa 

6.5 
8.25 
835 

4.6 
2.88 
0.45 
23 


. 3.45 
I 8.06 
,4.34 


4.28 

2.64 

438 

3.60 

1.77 

0.28 

1.25 


Brambles Ind .....' 

Bridge Oil 

B. H7Prop - 

CRA 

C8R 

Castle maine Tys> 

Coles iCJ.i 

Comalco “A” ..... 
Consolidated Pet, 
Costain Aust 


4.3 

2.82 

8.14 

5.34 

3.55 

B.l 

432 

1.77 

0.42 

23 


2-72 

4.1 

135 

333 

3.84 

2.6 

6.0 

2.3 

039 

0.19 

7.10 
3.45 
3.48 
8.7 

5.10 


1.86 
2.86 
1.30 
2.06 
: 233 
1.S9 
3.4 

: 1.84 
• .032 
■ 0.1 
4.86 
1 2.23 
338 
. 1.65 
1 3.40 


Dunlop Olympia. 

Elders IXL 

.Energy Res. ■ 

Gen. Prop. Trust, 
tfardie Uamas i...: 
Hartogan Energy 
-Herald wyTimea. 

»a Aust . 

•Jjmbcrtana F.P- 

Kiaoru Gold - 

Lend Lease — _ 

Moyne Nikiess...., 
‘Myer Emporium. 
,Nat. AusL Bank.. 


2.55 

3.78 

1.52 

2.10 

3.45 

8.2 

6.0 

2.28 

0.26 

0.14 

63 

2.4 

3.45 

3.65 

435 


CANADA 


SBs Skdi H*H [jpr Oca Ct* 

TORONTO 

Cosing prices November I 


1782 

1-363 

7914 

7324 

4749 


AMCA M 
Aberiotd 
Abitibi Pr 
AriOanda 
Agmcn E 
63245 AttHlfl En 
19451 Albrta N 
184482 Alcan 
1190 Algo CenJ 
11540 Algema Si 
11890 Asamne 
96622 ACC I I 
200 Atoll 


SISJj 

»J 

Sirij 

51039 

JI9 

Slft’i 

S14<« 

SJPs 

S21L 

S18'j 

Siri) 

Sio 

sio 


I3*« 133s 

8*3 6'j 

17*6 17% 
ie's w< 
Tffa 19 
ir t is 

14 14»g 

3Z* 3339 

21 21'j 




1J0, 16': 

12V 


+ 1>. 
+ 1 
’ •* 


1500 

1600 

3000 

TOO 


BC Sugar A £?a' s 


S7> 


BGR A 

BP Canada S3i^ 
8anotcr C Sff» 
48873 BA SCoi 
91660 BA Uornl 
2609*2 Bk NScnr 
23500 Bams* 

ICO Bolen A I 
100 Baton B 
5*0680 Bed Con 
6750 BllWSky 
3450 Bonanza R 
29751 Bow Voly 
445 Bralome 
3125 Bremolea 
3430 Brascan A 
13000 BrtnKMor 
100 Brondb 14 
2060 BC ForP 
10307 BC Res 
31903 BC Prone 
1000 Brunt** 

9500 CAE 
•2500 CCL 8 I 
3500 Cl 
6405 Cod Frv 
400 Cambtidg 
78132 Camp ru 
• 343 Comp Ras 

Comp Soup S2ii< 
CCem e< p SI0% 
CDC t SB*.- 

Can Man 519't 
C Not West Wj 


450 

313T 

SOT 

1020 

1500 


495 

$31 V 

513-. 

175 

SlTSs 

517H 

542--S 

350 

370 

SU'i 

380 

SlbTg 

S33-’b 

Is^ 

525 

S121« 

*lf*8 

Si-Si 

C23’j 

11214 

Slav 

$31 

295 


8? 


45201 CsnP Ent 


622 

jno 

1900 

1453 

100 

400 

137 


C Packrs 
CPorm 8 
CS Pe» I 
Con Trust 
CC Mon V 
Cdn GE 
CG Invest 
122939 Cl Bk Com 
3850 C Marconi 
1208 C Oedema! 
207731 CP Lid 
91905 CTirs A I 
32206 CLtal A f 
13200 CUt'l B 
27500 Cantor 
060 Conran A 
400 Cora 
BOO Cara A f 
35714 Carl OK 
12950 Carma A 
SCO Coiolin 
2825 Colon ase 
■75050 Centf* A 
95£C Csntri Tr 


S2h. 

SM-’j 

S23 

440 

S43<4 

S25': 

563 

S44V 

3395* 

S19li 

S26 

SUP* 

591? 

S183j 

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St€ 

5153« 

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10 10 
2414 24’ 8 

714 7it 
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475 «5 

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13% 13^4 
168 174 

17?, ITJg 
17% 17% 
41% 42% 
WO 350 
355 370 
141 , 14.-4 

380 380 

16'? 16 7 b 
3?: 32% 
«=4 ® B 

e a 

M. S-B 
211 2t1 

2*>4 iWi 

13H 1C5j 
17% 17% 

f5' # 14% 

291, 29i 7 
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16>, 101; 
30)4 31 
285 290 

21*4 21V 
10% '9% 

9% 9V 
19*: 19V 
24 2«V 

27 27% 

34% 34V 
S3 23 
430 430 

431, 43*4 

25>: 25V 
63 83 

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38 39*4 

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15*1 157, 
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280 280 
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1800 

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295 

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1300 

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2500 

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570 

TV? 

19'? 

-*, 

«?r 

Noranda 

S133, 

13*-. 

13*4 

* ’e 

0725 

Flcntydg 

Sl6?j 

« 

is* 

* T-1 

1753J 

Storccn 

S1+>* 

14V 

V5V 


9485 


Sl2> ; 

Iri* 

1?»- 


13722 

Nanm ord 1 

SI4V 

14 

14 


IDO 

Fed Pton 

S24** 

2*'» 

24*8 


Ts 

SC 003 

sir* 

If? 

13V 

-> 

150 

Fuming A 

sir* 

13*. 

is, 


110765 Nor Te< 

S44S, 


44V 


100 

Firuung 8 1 

513*b 

i-V 

i3a* 

-’b 

6400 

Northgal 

400 

3S*5 

400 


56700 

PCity ftfi 

SIO* 

10*. 

1CV 

-V 

66167 

Nva ADA 1 

S6V 

6 

fc’8 


50 


Slop 

1<0 

140 


7700 

Nownco W 

517V 

173, 

17*4 


3725 

Gsndal! 

S#V 

AV 

By 

♦ V . 

10515 

Nu Wc.1 

33 

36 

37 

♦ 1 

b3BS0 


51 V B 

11 V 

if* 


6672 

Numac 

S12 

lie 

12 


3790 

Gear Comp 

S57 1 * 

S'* 

S’* 


5228 

Caiwceo 

S3 


»* 


800 

Gandu A 

533*« 

33'. 

33; 


>0302 

Oakwd A f 

sr* 

7*b 


-v 

36290 

Gensior L 

52 TV 

25V 

*'8 


5000 

OcakH B « 

S73, 

»v 

ri4 

-V 

72506 

Geocnido 

385 

oS 

360 

- 5 

3685 

Omega Hvd 

s.-v 

T’ ? 

*1! 


250 

Giant Yk 

S2CT-. 

2 tr. 

23*- 

- It 

1220 

Osnawa A 1 

S32*« 

3?'-. 

32V 

-v 

1000 

Gmrllar 

sev 

8 

e't 


•0000 

PacW Airl 

S13V 

1J*4 

13 j 

* V 

H050 

Gotdcorp > 

57 

e* 

&'« 


0000 

Pguim A 1 

sm 

** 

10 


4607 

Grafton A 1 

514V 

14’; 

14’, 


57200 

Pamour 

S1W B 

»V 

10 V 

■rV 

3060 

61 Fort-51 

SIS'* 

in 

W | 

■r V 

4600 

PonCan p 

SUV 

34'? 

341' 

” *4 

100 

GI Paclhe 

534'* 

34', 

341. 


19360 

Pogasus 

S3>* 

S'? 

Be 


500 

Greyftnd 

523*? 

23*4 

231. 

- la 

160 

Pemtuna 

si.', 

iri? 

Iri; 

-ll 

54950 

GuarPA 1 


10*? 

11'b 

+ *T 

75E) 

PJewl A 1 

S03* 

8V 

0*1 


37490 

Gulf Can 

520', 

»v 

50V 


31590 

Pino Point 

S20V 

20'' 

20*-. 


1150 

Hawker 

521*? 

51V 

21'“ 


33130 

Placet D 

555V 

2D| 

21*1 

* V 

1500 

Hsyeo 0 

SUV 

11 

ll'* 


163350 Poco PM 

S9V 

9V 

9*' 

+ v 

4700 

Hots kill 

521** 

2V» 

21V 


17660 

Powt Cot t 

S19 

'0*4 

1A’» 

-V 

100 

Hentag A f 

S21 

21 

21 

- Ira 

912555 Procamb 

475 

4K> 

45b 

- It 

4055 

H BayUn S 

56V 

5-'. 


* r 0 

17500 

Ptovkjd 

S25V 

341, 

25*8 

*v 

1174 

H Bay Co 

8261b 

26V 

56). 


too 

Quo Sling 

410 

405 

405 

— 3c 

77631 

Hiwky Oil 

sy* 

BV 

»'l 


653 

Oue Tel 

5401; 

40', 

401; 


24874 

Imasco 

524* 4 

53*4 

24 


533550 Ranger 

56 

5L 



24015 

fanp Oil A 

550-8 

sc* 

M’s 

-*8 

300 

Rsyrock | 

577* 

7*8 

Ke 

+ V 

, 137192 treo 

SlS*8 

14V 

M* 

+ V 

4170 

Redoatn 

513V 

1SV 

1i>» 

-v 

10250 

Indai 

S16 : b 

163* 

16^4 

-v 

5500 

Rogkjnl R 

440 

4» 

430 

-a 

3090 

Inland Gas 

523V 

23 

53S« 

•r'j 

6500 

Reitman A 1 

S?S*« 

54*. 

25V 

■»*. 

30750 

Innopac 

5 14 V 

14 

M<* 


15195 

R*0 Algom 

5213* 

21 

21*3 

+ '« 

8200 

Inter City 

515-b 

15V 

IV* 


1100 

Rogor* A 

SI IV 

H V 

nv 


1 526400 Inll Thom 

« 

8=* 

Fs 

+ '» 

CS05 

Rogers B ♦ 

513*. 


1% 

+ V 

16296 

Irtar Pipe 

544V 

43V 

4A^ 

+ V 

1950 

Roman 

SlZV 

12 

12V 



Saks 

Stock 

Hml) 

lew 

Dm 

Omg 

MO 

Rumman 

532 

32 

32 


103431 Royal Bnh 

532'; 

3V, 

331 . 

-1 

38733 

RyYiro A 

S21V 

21 u 

J 1 S 


5*439 

Royck 

208 

1P3 

Jft3 


4900 

Sll CcmA 1 

S 22 

S»4 

-n 

- 

WOO 

Sceptre 

475 

470 

470 

-6 

4900 

Seal Paper 

S19 

IBV 

ID 

■* V 

S300 

Scolts 1 

S27's 

n 7 

3." 

•*'» 

fOO 

Scons e 

C7's 


2-'V 

- *4 

268406 Soaqram 

581 '4 

m 

81 

* 1- 

77568 

Sean Cun 

S‘ff a 

KPs 

1Q~ 

* : 0 

1403 

SoLnk A 1 

S20'? 

20? 

201. 

* V 

17198 

Shan Can 

S23V 

a'a 

23V 


50750 

ShOmB 

57V 

7 

ri, 

-V 

100 

Sigma 

53 'j 

8*4 

SV 


9000 

SouHim 

STV, 

W* 

12V 


22050 

Spar Aero 1 

527'* 

as*. 

rev 

- "9 

100 

SI BradcM 

Si?’; 

13'. 

19'- 

- 1 

5020 

SKmbg A f 

S30V 

30 

W.' 

* V 

25590 

blL-ICO A 

S20-V 

20V 

20'- 


B?2 

Sulpua 

KS' 

OT 

20J 

-8 

400 

Tarn E> 

Slri* 

!■> 

ire 


52332 

Toa B f 

SW’j 

1J 

13V 

* v 

205 

Tula MM 

527'. 

j;i. 

27 1 ' 

■ -‘a 

5000 

lorra Mn 

315* 

305 

310 

- 5 

BUB 

Icmocq Can 

530'b 

29' b 

re'j 

“ "s 

19440 

TDOm N A 

S21V 

21V 

a«v 

-V 

01066 

Tor Dm Bh 

S74i, 

2*'a 

24'- 

* -V 

375 

Tut Sun 

123'-. 

23', 

23-'-. 

* *4 

5730 

TOttUr B 1 

£29 

a> 

28'b 

“ 's 

33370 

Total Pol 

S?IV 

51«; 

21; 

-V 

050 

Tradois A 1 

S2*V 

24 

2-1 

-V 

113317 T/Can R A 

239 

23b 

236 

-4 

1700 

Tins kb 

SIB*. 

10*9 

10), 

► V 

10399 

IrnAlU UA 

SA'- 

26V 

30»; 

-V 

110512 

' TtCon PL 

S22L 

22 

27V 


15209 

Tnlon A 

S2T^ 

21V 


- V 

4113 

T/iirac 

320 

315 

J15 J 

-5 

1600 

Trinuy Roo 

175 

305 

305 

- 20 

7300 

Tii.-oc A 1 

528 

25), 

:a 

T *, 

400 

Truce B 

S2t'. 

2b'. 

2n~- 

“ ', 

36700 

Lflsicr P 

rr; 

fitt 

ITU 


200 

Un Carbid 

SI2?* 

12V 

lrii 


790* 

u gmoNU.- 

Sir, 

12V 

12V 

- V 

25300 

U Can-oi 

73 

ro 

ro 

- 1 

ICO 

Un Cora 

SM'* 

341 , 

34': 


K00 

Vcifill A 1 

385 

3RD 

335 

• 5 

1500 

Vcittl B 

2C0 

3W 

3dJ 


10100 

VHigion 

420 


420 

-33 

2557 

Vulcan ind 

S» 

220 

22b 


t«f; 

Walkci R 

5'12 j 

J7'n 

12V 

“ V 

145P0 

WsItHune 

S 1 ?', 

16' ' 

17 


22759 

WeoaM T 

Si 71, 

16 , 

17 

• 1 ', 

WPS 

Wirahnin 

S12V 

12V 

12 V 

• V 


MONTREAL 

Oorinp prices November l 


37650 Bonk Atom 
740 BoniWdrA 
13800 BcmtvdiB 
1400 CB Pa* 
23320 Casrjnrti 
2GND ConBath 
4785 DomTdA 
17607 Gj: Metro 
700 MniTiC 
172911 NaiBk Cda 
16350 Power Corp 
7800 RollnndA 
31373 Royal Bonk 
950 RoyTrsico 
69M StnmbrgA 


531’- 
513’ 
Si J 
5-’3 

sir* 

sie>, 

S13L 

SI»* 

SI5<, 

S7i', 

119 

SIB, 

S374, 

5711, 

SMI? 


JO*, 

17‘ . 

1 2’i 


31', 

13 

13 

73 


1 1*8 l«l 
lb 16 


13', 13'- 

ff-'i 


16 

DV, 


16', 

21', 


IS 1 , 19 
!7'b 13 


37' d 3T, 
71 '- 2 i:, 
30V 30'- 


SNGAPORE 


19B5 ; 

High ‘ Low 1 


Nov. 1 


■' Price 
■ $ 


NORTH AMERICAN QUARTERLIES 


1.86 

5.22 

6.4 

6.5 
2.50 
3.38 
2.74 
1.9 
6.45 

2.6 
1.05 
9.55 
4.36 

1.78 
2.16 
6.86 

3.79 
2.93 
4.66 


! 1019 
; 2.34 
I 4.76 
I 4.7 
. 1.00 

■ 2.30 
I 8.07 

1.06 

■ 6.25 
' 8.11 
• 0.76 
! 7^5 
j 2.59 
I 1.30 

1.63 
5.40 
! 20 6 

■ 2.37 
3.38 


.Boustaad Hldgs. 

Cold Storage 

DBS 

Gent! ng- — • 

Haw Par. Bros - 
Hong Leong Fin.- 

Inchoape Bhd 

Keppel Shipyard 
'Malay Banking..., 
Malay Utd. InL - 1 
: Multi purpose 1 

jOCBC- -j 

'OOB- 

.Public Bank..—.! 

,Slme Darby- ! 

{Singapore Press' 
'Straits Trading... 

Tate Lee Bk 

■(JOB- 


1.46 
5 .22 
5.90 
5.9 
2.19 
2^0 
2.00 
1.16 
5.95 
2.34 
0.80 
8.60 
2.79 
1.37 
1.72 
6.60 
2LS 5zo 
8.49 
3.60 


NOTES— Prices on this page in as 
quoted on Hie individual exchanges 
and are last traded prices, f Dealings 
saspsnded. xd Ex dividend. xc-Ex.scrip 
issue, xr Ex rights, xa Ex sll. 



ThW quarter 

1985 

IBM 


663.1m 

601 Jm 

Netprefb 

t&4m 

178 Am 

Net par shorn 

Nos months 

1tW2 

W 

niwnut..., 

1J2bo 

1273toi 

nu p«onn 

37 Jm 

1«7.2n» 

Nat par share 

ItM 

1J8 

t*-8S 


Ri 

Net praBts ... 

Nat per ahan 


2613m 2312m 

25.7m 2 H 8 ni 

1.75 1-31 


1,690 

402 

501, 

1,690 

1,790' 

572 

709 

410 

1,180, 

47B 

1,280' 

494 

1,140, 

262' 

725. 


SSSMarul- .. 

395 Mazda Motors. 
459 Meba Seiko — 

1,050 MEI 

1,520 M’bishi Bank .. 
543 M’ bis hi Chem- 
SlS'M'bishi Corp-. 
33 6, M’bishi Elect-. 
539 M'bishl Estate 

254MHI.. 

930 Mitsui Bank—. 

.324 Mitsui CO 

592 Mitsui Estate 
186 Mitsui Toatau . 
SBOiMitsukOShi ~— 


. 1,560 
.. 401 

, 542 
.. 1,180 
. 1,460 
.. 505 
.. 591 

341 
.. 1,180 
.. 386 
.. 1.130 
425 
: i,080 
-! 226 
.. 630 


840 

1,480' 

1,250. 

700! 

2,400 

1,610 

162; 

999; 

693- 

790; 

204 

424. 

380 

663 


— MGK Insulators. - 870 

365 Nikko Sec 766 

1,150 Nippon Denso.— ,1,390 

900, Nippon Elect. 1,140 

522 Nippon Express- 624 
1,040 Nippon Oakki- .- 1.550 
7 30 Nippon Kogaku-. 900 
150 Nippon Kokan 135 

700 Nippon OIL- J 786 

448 Nippon Seiko — -: 488 
520 Nippon Shim pan] 715 

143 Nippon Steel ! 168 

386 Nippon Sutaan.—; 374 
226 Nippon Yusen—I 362 
676 Nissan Motor ' 580 


548- 
1,390 
1 430 
411 
950- 
3.540 
3,270 
1,120 
1,400- 
1,720 
499 
701 
989 
9,440 
1,180; 
401' 


4S2.Nlsshln Flour — • 495 

885: Nomura 1,090* 

890, Olympus— .... 1,030 
291 Onada Cement-..- 331 
. 700-Orient Finance .. 930 
8,250- Orient Leasing --2,540 

i,5io pionoar 1,650 

791 Ricoh 1,120 

960 Sankyo - -....'1,090 

l,1709anwa Bank...—.; 1^80 

386 Sanyo Elect- 409 

399'Sapporo— — , 606 

535 Scklaul Prefab....' 896 

S, lOO Se van E/even 8,600 

740 Sharp — 841 

221 Shimizu Constn.- 399 


930 

1,350 

252. 

5,020 

2,080 

281 

866 - 

957: 

169' 

4451 

717 

92D 

950' 

6,550 

562 

1.300- 


642 Shionogi 762 

1,030 Shkaeido.- — 1.300 

199 Shows Denko — 218 

3,360 Sony. 3,800 

1,600 Sumitomo Bank. 1,710 

200 STomo Chem. • 252 

576 STomo Corp. .. i| 756 
661 S'uomo Elect—; 843 
143 snomo Metal — ^ 144 

195Tarsel Corp ■ .349 

3S5 Taisho Marine — ■ 580 
72S Total Kobe Bk.., 725 
735T«keda 877 

3,510TDK. '4,030 

429 Teijin ' 610 

922 Toa Nenryo 1,060 


1^00, 

1,050- 

2,750 

365 

626' 

911 ' 

STS' 

435 

1.570' 

1,380 

274, 

3,440' 

835 

92 S' 

940- 

789 


BO 

2.60 

2.64 
Z.59 
2.16 

2.58 

4.8 
1.80 

4.05 
1-S0 

6.65 
6^ 

2.9 

6.1 

4.6 
4.54 
5.26 
1.61 

3.58 
4.00 


. 5^5 
! 1^9 


1.72 
0.65 
. 0.90 
' 1.56 
' 2.55 
1.07 
’ 3.0 
• 1.08 
, 4.05 
! 3.35 
. 1.71 
' 5.60 

, 3 - 3 
2.62 
I 3.35 
; 0.77 
I 2.55 
3.12 


News 

Nicholas Khwl — 
North Bkn Hill....! 

Caleb ridge 

Pancontinental -• 
'Pioneer Cone ■ 

Poseidon 

.Queensland Coal 
Reckitt & Col man; 
Repco— 

Santos. — - 

Smith 'Howard)..] 
Thoa. Natwida.—, 

•Tooth — 

Vamgas. ! 

.Western Mining-' 
■Westpac Bank....; 
-Wood side Petrol 

Woolworths- 

Wormald Inti ' 


8.72 

2.47 

2.28 

1.45 
1.85 
2.2B 

3.6 
1.62 
3.90 
1.42 
5.14 
5.9 

2.45 

5.6 
3.3 
3.25 
4.8 
1.35 
3.38 
4.0 


NETHERLANDS 


19B5 


Nov. 1 


Price 


High • 

Low • 

Fla 

250 

1B8.3ACF Holding. 

240,5 

101.5 

78 AEGON 

96 .8 

876 • 




125.8 

539 

589 ~I 

369 ABN 


76.5' 

95.4 
179 > 

82.5: 

114 

38.7 

191.9- 

145.5 

88.5 

243.5 
163 - 

70.4, 
64 
64 . 
5 2.0 
78.3 


52.7 AM EV— 73.2XG 

66.6 AMRO 95.4 

146.6 Bredero Cert 

18.8 Bos Kalis Waatm.- 
76.5 Buehrmann-Tet- 
Z7J2 CaJland Hldgs-.. . 

159 bordtsohe PetTm 
1 1 7J& EMsvf ar-HDU nv- 


43.1 


iFokkar 


1 75. HG ist- Brocades.—. 


146.1 
57 J 1 
41.5 


Heinekan 

Hoog evens 

lot Mu ell sr 


43 


227.5' 148 


47.34KLM 


Waarden- 


65. 6-| Hat Ned Cert ■ 


Ned Mfd Bank 

190.5. I52.9»ieditoyd - 

364 ' 288.5]Oce Grlnten- ! 

25.6 Ommersn (Voni-i 

69.7 Pak hoed 

45.3 Phillips 

69.6 Robe CO ^ 

131.3 Itodamco 

62.8 RoJInco i 

45.5 Rorento — - 

172.5 Royal Dutoh. ! 

-314 Unliever 


31.8' 
76 . 
65.7 
78.4 

141.7 
71.1 
46.9! 

210.8 
365 


363.5 142 VMF Stork. 

246.Br 196J2]VNU - 

218 • 164.5 Wessanen — — 

185 i 82-2 West Utr Bank -.! 


171 

16^ 

112 

27.3 

174.4 

141.5 

78.2 

242.6 
183 

65.9 

61^ 

52.4 
5 ZJ2 
75 

21B 

182.8 

359 

27.4 

70.2 
48.6 

78.4 

135.4 
70JB 
46.8 

187.4 
357 
24S.8 

846.5 
216 

99.5 


8SS Total Bk (1,010 

750 Toklo Marine 1 925 . 

1.400 Tokyo Elect.Pwr2.470 , 

160 Tokyo Gaa— ] 316 

301 Tokyu Corp- ! 522 

786 Topbon Print- — i 900 
426Toray_. ! 517 


339 Toshiba Elect .... 


807Toyo Soikan..-— jl,430 SWITZERLAND 


1,000 Toyota Motor; — : 

21? UBE Inds. 

1,260 Victor —~ 

650 Yamaha — 

5B0,Yam*ichl Sec-..- 

BlOYamazaW 920 

861 Yasuda Fire 555 


361 


1,110 

224 

1,410 

663 

740 


1985 

High Low 


NOV. 1 


•PriO« 

• Frs. 


9201 660-Ausutsse .. 


4,450 

660 


ITALY 


Oct. 31 


Price 
! Ure 


26,600 16,400 Banca Gom'le ....-26 000 
424.75 665 Bastogi IRBS 484.7 


3,7?2 2,169 Gentrale-.- ' 3,800 

- . - C.IA 6,830 

- 1 - Credit© Italiano-' 3,300 

4,840 2,065 Flat 4,680 

65,600 34,450 Generali iAssc.A...6G.100 

53,000 24,820 Italcemant] 47 300 

1,049.5 522 La Rlnaicento.— B7B.0 

2. 625 1,340 Montedison ■ 2,460 

7,792 5,886 Olivetti 7,410 

6,520 3,460 Pirelli Co - 6,406 

3,310 2,026 Pirelli 3,600 

7,180 4,320 Saipem 7,088 

4,1 BO 2,103 snla BPD. — 4.050 

■21, 200 12,420 Toro Assic— 20,460 


*, 95 °. 3,556 Blank Lei)'---I ; 3,960 

i , 5S ,Bro * n B^wrl 1,000 

5-215 MTOCiba-Golfiy 3 525 

1- 552. S'SS? ,Pvt Ccrtsi 2,620 

I’U? f.|** Credit Suasa i 3,190 

?.f!S *.fi?Oectrowatt 3.376 

uJim'd- 6^F«sohor iGeo)—.. 1,125 
\nlSS ^'^22 Hoff RochePtCta.lD6.M0 
2*222 f'f It 1 /lO.loioO 

2- ®* 2 5-555 ■} acol> * Sue Hard. 7,776 

5-522 l,890je4moH 3,420 

■ i*S 29 Uu ’ d '* * Gyr. 1 9,250 

7.775 5,600 Nestle - — 


7,776 

1 , 2?9 °* rBuahrie — ■ 1,460 

403 259 PireUL. 395 

?*t?S 7 ’? 28 S a,Kl “ 'S ' 1 -••••••■ 9.400 

1, «08amfoz.PtCt S , .. 1,690 

i.™ iSStSSrf"^: v US 
fill? fgg 

tezSS n 2 wt “ B,nlt ‘ 5J6 

r*s 2S Tills 2*‘“ Rb1,w « c - -i*,boo 

Hg — 2.190 

f>f®”Wnion Bank_ 4,739 

5>™£ Winterthur 4.725 

9,800 5,200 Zurich Ins 5.600 


OVER-THE-COUNTER Nasdaq national market, closing prices, November 


s*> 

(Hnfal 


lav Lad Qm| 


Continued from Page 31 



im 2v 

149 11V 


8*9 30ty 
8 14i< 


148 13i 4 


PNOs 132 
Paccar 120s 
PacFst 

Pact ol .80 

PscoPh 
PsncMz .13 
Pansph 
ParkOh .00 
PatmM 
PauJHr t 
Payrii* 
PeehHC 
PegGtd .06 
PenaEn 220 
PeMara 66 
PeopE* .OSr 
Petr He 112 
Pfnrrct 
PSFS Jtte 
PtlUGI -50a 
PtmxAm 
PicSsv 

PtcCale .60 
PtonHI .32 
PoFolfc 
PlcyMg 
Pore* 

Powell 

Powrtca 

PsiConv 

PrecCst .12 

PrpdLg 

Pnam 

PrlcCms 

PrtceCo 

Prtroiu 

ProdOp -iB 

PmgCs 12 

PioptTr 120 

Previn 

PurtBn .40 

QMS 

Quadrx 

OuakCs .38 

auawm 

OueriM 

Oueroie 

Ouotm 




R R 

RAX Ole «0 ft 

RPM9 .82 1117 139, W| 
RadSyS 63 12*5 ^ 

BadmT 79 v. 9V 

3 Bi* S <4 


Rodion 



Stock 


Sabs High Low Isa Ding 
(Hodkf 


Ragen 

Ramrs 

RayEn 

RetHCr 

Reedng 

Recrin 

ReritnL 


RgcyB 

Reg S3 

Rehab 

RpAutn 

RpHWi 

RestrSy 

Reuteri 

ReutrH 

BeyRay 

Rhodes 

Ribdms 

RichEh 

Rival 

RoedSv 

RobNug 

Rob Wen 

Rouses 

RayPtm 

RoylRs 

RustPel 

RyanFs 


M3 
1 772 

J4 11 
II 
51 
37 

.64 40 

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For morning delivery of the FT 
in major business centers coast-to-coast, 
call 212-752-4500. 


Hand delivery to home or office is available in Atlanta. Boston, Chicago, 
Dallas. Detroit, Miami. Minneapolis, Houston, Los Angeles, New York, 
Philadelphia, Pittsburgh, Seattle, San Francisco, Washington, Montreal, 
Ottawa, Toronto. Vancouver. Please call between 9am-6pm New York time. 




H lldtak-n* Im l-W- 






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30 


Closing prices, November J 


Financial Times Monday November £ 1955 


NEW YORK STOCK EXCHANGE COMPOSITE CLOSING PRICES 


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207, IT, ACapB420 
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29 

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122 23 22% 23 +% 

125 3 27, 3 

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11 3 227, 22% 227, +% 

17 9 28 37% 36-’, 37% + % 

39 IS 358 41% 40% 40%. -% 

781 27, 2% 27, +% 

20 201 20% 20 20 ~% 

19 65 25% 247, 25 

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17 15 3 13% 13% 13% +% 

24 14 41 25% 25% 251; ~% 

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2 % 
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257, 15% Bcwatr .72 

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i.- k 


Continued on Page 31 


_ _v/l 


“'•’"•(J 


Financial Times Monday November 4 1985 

NYSE COMPOSITE CLOSING PRICES 


AMEX COMPOSITE CLOSING PRICES 


Closing prices, 

.Voi'cmber 1 


ft i 


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1 l,' ■"< t;: 

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Continued from Page 30 u, & 

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79% ft BTE . i6 31 9 33 18 17% 17% -% *| 568- 

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9h 5% Ramad 54 1767 7% 7% T^s + % ggi 4 47% 


21% ft Ranca .8* -*5 IS « ft ft ft 5 %* 2% 

V, ?% flangrO 2290 4% 4 «% +% TTVa 227 

ft 51% RBjSm 44 6 2* 1012 76 74% ft Ji' 4 ft 


Tandy 
Tndycft 
Tektmx 1 
Teicom 
Tetdyn 


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7 267 256% 250% 256% 


17% 91? Raymh . . V3 9% W, Wi -% ^ 30% 

53% 3C% Raythni.® 1311 ai«48., ft ft +% ^ 3M * 

1«P, 6% Read® 40 6.7 1364 6% 6 6 - % 45? 331. 

£1% 143, BdBot pt£ 13 15 a 14% 14% 14% ^ ft 


45’, ft 
84*, 72% 


Telrate .32 £2 2D 1087 15% 1«% 14% -7, 45 35 WS1PIP2-20 51 16 *65 431, 42% 43 +% 

Tele* 11 515 46% ft 45% +% 14% 9% WalClTfll.O* 30 50 1^7 ft ft *% 

Tenedn.fi* 1.7 M 380 37 ft 36% +7* 9% 3% WnAirL 0 625B 8 7% 5, + 4 


43% 27% RekhC .80 £5 14 1W K 3,T » H T> 44 ft Te*Cm 1 » 5.9 7 776 29% d26% ft M% WnU p*E 

ft ' RepAtt 5 1507 9% 9% ^ » 26% Te*Esi£M 80 9 536 36% 35% ft ^ ™ f* 

3 - 1% RspA wt 45 3 ^ IJ* 50% 52 TxET pf£(Xe 11. 104 57 50% 56% -% ft 5% WUT1 pJA 

13% 8- FtpGvp8-30 19 9 401 ft 7% ft + 1 1 34% 25 Teulnd.B® £7 11 12 30% OT 30,8 + > 1?I 8 252? .V? 

497, M fleprry U&4 13 9 9 *8 « 49 -% bb% Texlnst 2 42167 ®i 00% 89% 90 -% *1% ft Weave 1.32 


499, .» fleprrYL04 939 J W * 49 -% l31 ^ 86% 

22% ft RNY pi £12 94 1 2Z* 2^ ft +% ^ , 

ft 23% RNV plC313 11 S 27% 27S, m, +% Ji M u 

57% 52% . RNY . p!A824elV 21 ft S* ?* ft ft 

56 *4% RNY plB107e83 ' 300 54% ft ft ^I 4 ft S% 

34% ft RupBk 164 82 7 45 31% ft 31% +% # * 2 * 

30 '231, RepffirptZ 12 7.3 B ft ft ft _ sgs, 31 

20% l&j RshColJS 13 103 ft 23% ft -% K j,, 

20% 22’; Revcq .80 2.9 3D MB ft 27 ft ^ ^ 

173, I®- FWure 3 1® 14% ft ft -% 1 iu p 

571, E% Revlon 18* £2 « J489Ju5fl SO, ft ♦% & 1 ®,% 

2E% ?1% R^ P 1 ?« °?SL?S? ?nw 33 10 

1® 93 Rvln plB Jf JU® 1 *!® «U 30% 

24% 17% Rojirni 70 £0 18 IB o 23% a% ft _ % ig% 15% 

15?, 11% Rem id *4 Si 9 1166 14i, MM % upg 131, 


TeiniCOKM 73 J* 7485 38% 37% 38% +% 3% 13-16 VWAIr wt 102 2% 2% 2*, 

Tone pr 7.40 88 4 83% 833, 83% -% 26% 11 WAir pi 2 82 55 ft 23% ft -k% 

Terdyn 15 170 19% Ilf; 19% B 1 * 1% WCNA *49 2 1% 17, 

Teswo M £7 87 1(F, 10% 10% 51 16% WCNAp(7£5 43 27 ft 16% ft - j. 

Tenor ol£16 84 4 22% 22% 22% -% 18 5% WUmon 1053 11% 11 11% +% 

teo 3 7 8 M 4817 ft* 38*? 38%* ft ft WnUn pi 3 B ft M + >, 

TtABc 152 5.8 9 SB 27% 27% 27% -% 8% 2J, «nU pJ5 « 6% 6% 6% - 4 

TexCm 1 56 5.9 7 776 ft d26J, M% ft W”U p*E 42 11% ft 11% + , 

Te*Esi£a 80 9 536 38% 35't 381; +% 47 a Wl/TI pi 18 361, ft 3P, +% 

11 104 57 * 58% 58% — 17% 5% WUT1 pIA 14 ft 13% ft + % 

£7 11 12 30% W 30% + % 437, 24 Wslgg 1Z0 £8 13 6390 43% 43 *3% -7% 

42167 591 00% 80% 90 -% *1% 347, We&tvcl.32 35 10 231 377, 37 37% +% 

2MT1 S%" 4 ? 4', -5 34 ft Weyertn 30 4 B » 2828 27 »% 27 4% 

1111 1413916% ft ft -% ft *% Weyr P«£® 7.2 38% 38 ft + ’1 

14 a 6 29% 2& 291, 4’, 51% ft Weyi pr4 50 9 3 151 48% 46% *6% +% 

£7 7 *78 28% 26% 20% +% 2W. 8% ^ * ft 6U fc + % 

47 2% S% 2% + % 38 14’, ujWPu p(B *20 20% 20% 20% 

Ii, 735 *S7o 49 49r» + % 35% 10% viWIiPitof *100 16 16 16 


Texlnl 2021 *% 4 *', “ J* ^ wwyerm m » o 

TeiOGalB 1111 1413916% ft ft -% ft ^8 "nrr p1£® < 2 

TxPae *0 14 a 8 29% a 29*, +% ft ft WMyi pr4» 93 

TexUUI252 £7 7 *78 28% 20% ft +% ft 6% »jWN>n 

Texfi In 47 2% 2% 2% +% 38 14% vjWPupfB 


Textron!. ® .36 9 735 ft 49 49% -+ % 1 35% 10% vjWhWpf 


Twdr pift» 39 2 54 54 5* +1 50% «% WhhW 2 -J-5 10 1260 441? 43 44% +% 

St M £2 3 44 44 44 + 11 35% 251? WhltC 1® 50 152 ft ft ft -% 

^exu pn.«u 43 fti, 8% 9 +‘4 ft ft WNWif 9 IS Sf> S> 2* 


nack 90 *3 6% B% 9 + % (ft ft 

, I^ck P'415 J5.,, 1 271? ft £% *H ft ft WWttok* 


ThrmEs ' 24 a 20% 20' 20 ' 12% 6% 

ThmBrt.M £9 16 113 36% 34% ft -% ft 8 WHrod 

ThonUneCb 37 10 24 ifli, 18 18% ft 7% Wi lcxG.10 

1MU £7 12 84 IS ft 147, B% ft Wttonl.40 

Tttritry .00 46 15 1432 54% ft ft -% 5% 2 WOn*! 

TJdwfr 90 5.6 2® ft 15 15% +% 7% 5% WIINwOlO 

Tunrln 1371 7% 7% 77, + % ft 30 Win®* 1 ;4 

ISo 1 1.8 16 465 ft 55 ft 4% ft 8% Wjntbg a 
Timcta 18 275 20% 20% ft +.% 6% 5% Wtoner 


36% 24 ReyM.pQ.30 « ‘ £ »% ^ ^ ft M% 

C9 26% RcnVcVl 40 £ 1 a w ft ft ft % S8% 37 

33% RnoAid ^50 - £2 14 »l K% ft a% 575, 413, 

77, 2%‘ RvrOk IV JB » W, J? ®4 9% «, 

36% a% Robentd.a £5 8 8 IP, 34_ 3*% ii\ B% 

4^S 34' RoWSB i:« 88 ' *" f?}8 X?* ft ft 

nja_ f.ie vMim 38^ I 11 * ''*8 + '• 2V * isa* 

24; 9 17^4 BochG- 2.20 . IQ. 6 1&S 21 r * |2 . -'a jTU 16^ 

42*S .31 BocMl£44 .69 9 20 ft 3L i£i + 1, ^ ^ 

30% is RckCrrn - ^ ft * !=■ 30% 2* a 

4»J ft flockwfUZ. JJ®, ™ a ft 

73 55% nohmH£20 32 11 ft »% ^ ft + IV ^ ^ 

70 *0 Rehrin • ■ 10 ® ■ ft ft ft ’+ ft 16% 

27i, mi, RoinQwAO . «31 » ft » ft . ft 15% 

ft 5% RolinEe O* 8 22 ®9 !?» I?! 8 IV? *> 30 8% 

42% 6% fiodms .46 38 17 »7S « 11% f% 53% 26 

31. j Ronaon .** 88 . 1* ft 14% 

19 II Roper - 64 48 1» 1* ft 14 +% ft n% 

47 24 Hater VIZ 5 7 20. 473 41?, ft 41% -% s y 

11% r. Rowan « 18 67 M§7 8 % 7% 6 +% ft 6% 

647, 47% RoylD 3408 6 1 7 1|« ft ft 10 4 

17 ft Rovlnra «, 2 ’Si ^ IS 4 +« 41 '« ft 
ft 20 Rubmde.48 t8 «'^ '£*'* ?2 S 4 tv ft 'J 

2b 145- RussBr 13 .185 1^2 ]8 JJ? .J 23 B7a 

54 ft RiaTog 76. 34 11 720 ft ft ft +* 16 13 

a^sf-i.-KsaSaStJaa 

29 * 18% Byland.* 47 « » =f= =»• ft +1 21% 17% 

St 5, SSai-.w* 2 Vv. n‘ i>’. - S, S 

S S S 57% 44 

7*1 *1 SCM Z 27 17 1703 73% 73U 73J, 4% 06% » 

its- l! 

ft ij? a a % w 


ft 7% WiltekG.10 8 5 41 ft i; 

33% %'j WtlHaml.40 <6 23 1833 30% £ 


18 275 20% M% ft +1, {8V 


Winnbg J20 
Winner 


TimeMI-38 £0 12 710 47% 47 47% -% 8% », 


Tunkenl 80a 44 55 70. 42% «% «% 


Titan 

Titan pi 1 94 


184 6% S i 
1 10% 10 


40% ft W«cEf&48 £7 8 294 36% ft 36% «■% 


6% -% 93% 72Px WisE (48* £6 *400 93 02 93 +1 

ft -% 1 40% ft WUCPL476 .7.6 6 331 36% M 36% 


TodStidl < 32 4 7 14 61 28 % ® ft +», ft ft WtK# 1 S2.8& '7.4 9 133 38% 38% M% +% 

SS £811 337 17% 17% ft -% 4tr? 30% WJBO 146-419 104 ft ft 3®, +% 

11 5 507 ft » 20% 14 91; WohrtWS* £0 338 11% 111, 11% 

tSU^tz II 12 a>! a a -% ft ft wojwn 2 aau 27»ft ft 52%+% 

WrkJAr Bo 3 <3 3 


To*EtJte£a 1£ 
ToCd p!3 72 1£ 

TolEd pi 3-75 l£ 
T(XEd p(£47 IX 
TolEd pi* 26 1£ 
ToCd pl2-36 1£ 

TolEd pQ41 IZ 


11 5 507 20% 20 20% 14 

i£ 12 ft a a -i, ft 

13. S ft 29% ft 4% 

l£ IS 47% 27% 27% ft 

11 35 33% ft 33% +% 

12. 0 19% 19 19 --% 16 

IZ 1 10 10 IB + % 23% 


5% WrldAr * 3 3 3 

54% Wripfy 1 BOa 24 14 75 81% 80% 81% +% 


Tonkas. 10 .4 5 Z14 , Z3t B 23% 23% +% 


WurlCer 15- ■ 3% 3% 3% 

10% WyVeLb .32 £0 a a - 10% JB% 10% ~% 

15% Wynns .» £5 13 19 171, T7 17 


.9 14 11 52% SB 52 


X Y Z 


Trofims .60 £7 10 2542 22% 22% ft -% S% ft Xerox 3 56 18 5100 ft 50% 51% + 1% 

ToroCo .40 £1 11 470 ulPs ft ft +V ft 48% 05 45 99 10 «% 

Toko 438 4% 4% 4% ft ft ZaleCp 1.32 4 5 13 2® 20% ft 29% ■* 1% 

tSSS M 0% d 5% S% -7, IB 7% Zapaw .12 1 5 57 264 8% 7% 0 +% 

TowJe pJ .44 14 31 4 d 3% 3% -% 57% 32% Zayie s *8 .9 1 7 q *195 * ft ft “% 

ToyfiU* » 1W13S% 34% 35% +% * 16% ZeniliiE »« ^ ft ft ft “ I 

Traor • .» 1.9 11 318 17% 17 17% 21% 15% Zero S .32 1.0 16 130 19% ft ft +% 

TWA .1656 £2% ft ft _ . - — - 

TWA pT£Z5 14. S3 15% ft .ft 


TMAanfl*® 215 53 15 - 2W3 ft ft 3^ +5 Safedfluunw am vnofffCKi, Yam* rilgris and town redact the 

?i a 41% R ft -V previous SZ weeks ptua the current week, Out not B» latest 
TARhv 1 £2 ® 1 121, ft 12% tracing day. Where a spbl dr stock rtvidend amounting to 25 

TmCrwil.ia 08 7 7 1(3, 16% 16% +% per cent or more has been paid, the yen's high-tow range and 

TraracAae , 14. 48 770 48% 47% 48% +% dvkfand are MXAvnlcrttw new stock ortfy. Untaa oOwnvtse 
Tnrec pi£87 £6 2 » 59 M -% noted; rates o* dividends are annual rSBOuraemerts based on 

TranExi* . i£ 1® *?• S' 8 S’ 8 t J 8 *e West dedaration- 

Tranacn 8 272 7% 7% 7% +% 


TrensflU® 
TtanbK£20 
TARhy 1 


3R% zj’4 ™ 71R xo. a*c 34% 177, 1 y, 

3534 SI 4 S£r ytW a £2 12 400 ft ft ft +% ft ft 

ft Sap, ff 1z T iii! n id 58% -soi, 


34,4 S" 4 SSEi irw 11 45 10% 10 10 96% -90% 

p% SRaol 108 .11. ^ Be -6% 6% +% 27% 22% 

a £% sss» » »•» a a a “ ,4 a s 8 

m 10 ^ B% .? flf -H ft 3®* 


ft jd sathw-w “ fttw«32% 3i% aa +% ft ft 

ft » Ji 3 .£5 47% 40% 47% +11 35% ft 

«% 31% SariLrtW " W *1 ft 50% -% ft 

M’? ft Sard! P^Slo 7. 10ij -% 43% 31% 


M% ft SW4£P’* 8, ° *' )4? ™ ,81; ft ft -% 43% 31% 

101 15?, SwW 40 ’j 4 ' -g, 2tti 20 ft +% ft «< 

S? % ft SflufW 3 ' ® 78 7 wi ft jr % 21% +% ft « 

2J% ft Bail ^, Z g ti% 11% 11% J l * 

ft g* 5-128 a» 6', 51; y, +% ft 13 


barcelona/bilbao/lisbon/ 

IVtADRID/OPORTO 

Ybur subscription copy of the FINANCIAL TIMES can be 
hand-delivered to vour office in any of the above locations. 

John Roltey. Tel: 069 75980- Telex: 416193. 


CD1 

CM1 Cp 
CRS 34 
Camas .44 
CMaicg * 
GaaHA 80b 
ClryBu 
ChrnpH 
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c c 

B £ 21% 21% 

II 63 9% 9% 

14 5 15% 153, 

9 65 ft 16 

18 14% 141, 

11 IQ 153, 153, 

I 16% 16% 

25 2* Hi 1% 

15 16 16i, US's 

14 509 19% 19 

12 1 ft 19% 

3 b% a% 
9 8 36% 36 

113 ft 12 
382 6% 6*8 

13 14 10 17', 

M II 7% 7% 

34 *■’, 4% 

25 2b* uJS'j 2«% 
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6 23 21% 2J% 

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B 36 ft 15 ? 


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25% * 1% 
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ft - % 


EaglCI 13 147 2% 2% 2% - % 

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E r 4gp 696e 7 71 323, 3T% ft - % 

EenoSg 12 862 13% 12 'e 13 

Eiemor 016 3% 2% 3&j - % 

Espey .40 7 70 ft 16’. 17% * % 

F F 

FaMnd .40 8 10 20% NT? 20% 

Ftdjla ?W 6% 5% 5V 

Ftcnp ea zi 12a i3\. 13 13% - »? 

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FMGtfL 31 170 ft 27 ft* 

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G G 

GRl 1 d% *', 4% - % 

Gal«yO 21 137 1% d 1% 1% - % 

GniYlg 176 ft 14% 1S'«* % 

Glmflt 88 11 *9 S*% JJ'; 3*'? 

Glnmi ID 21 17 30% 30% 30% - % 

GctKNU 12 J% 3% 3% * % 

Gland 243 13-16 11-16 13- lb- % 

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Grcnms 13 W ft ft 22*5 - % 

Grcimor W U 17 11 IIP, II 

CidCn 50b 10 8 11% 11% 11% - % 

GHCdg 52 405 ft ft ft 

H H 

Hafriids 50 14 6* ft 23 33% • ’, 

Haa&rs .15 101068 ft ft 34 - % 

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19 214 19 18, 

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41 I; 7-16 

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19 242 37? 

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12 170 16 15% 

7 23 B> t S*j 
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11 58 4 3% 

42 71 71, 7 

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13 107-s IW-i 

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29 % IS 

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14 94u12% 12 


527>jb 4.-, 4" 1 

34 2 •>% r» , 

73 119 3% 3'- 

X Y Z- 

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OVER-THE-COUNTER Nasdaq national market, closing prices, A r o comber i 


Salas Wflk Low Last Chng 1 Stock 
(HnM 


Salas K4P1 taw lost Png j Stock 
IKadll 


SaWs Hitfk lew Last Cting 
[Hndsl 


Satas Higk Law Last Qag 
|HMl) 


StopSlyklO £9 11 251 377, 38% 377, +•* 13 3% Vendo IB 313 10% 87, 8% -1% 

SrorEq 1.92 £8 14 617 19% 19% 19<; +% 11% 91, VestSei 20a 11 23 11% 11% 11% 

wjStorT 623 2 «, 1% 13% 117, veslmn 165 129, ft ft -% 

Stofer .40 .4 153 u907, 90% HP, + % 61% ft Viacom 48 9 21 1512 ft 5T? ft - 1 

StrtfLri ni 30e 71 6* 16 18% ft 01% 74r, VoEP pffl.TS -IV z50 68% 88% 08% -J, 


41 23% 225, 22% - 1*, 

98 6% 6% 67,.+% 

3229 261? 26% 20% - % 


43 9 17 ft 8% ft 

80 3 20 20 30 

41 ft 4% 4% +H. 

1.2 9 79 17% 171, 17% -% 

£0 W 20 ft ft -% 


» IIP Z*‘, *£>•? '? 

10 10 221 20% 1ft 201, +% 

4.1 4*9 1W, 9% TO% +1% 

12 3 11% 11% 11% 

8 5 41 iZ% 12% 12% +% 

<6 23 1833 3ft 2ft 8ft 

35 3% ft 3% +’, 

10 33 6% ft 6% 

£0 13 193 347, 3* 3*7, +1 

1.9 9 Ml ft 1ft 1ft +% 

48 7% 7 ft -% 

82. 7% 7% 7% + % 


ADC Tl 

AEL 

AFG 

ASK 

AamRt 

AceJrtn 

Acuflav .24 

AdacLb 

Ada-ja 

AdvCir 

Aeoutm 

AflBs* .00 

ApcyHs I 

AirMd 10e 

AirWisc 

AlexB 140 

Aldn 

Algo rex 

AlegW .I5e 

AUegBv .40 

AlklBn M 

Allnet 

AlpMiC 

Alice 

AWAlri 

AmAdv 1 

ABnkr SO 

AmCarr 

A Co ml 

AFd5L £0 
AmFiSt I 
AFIeica .80 
AGreei .66 
AnUnU .40 
AMagni 
,AMS» . 

ANUtrs 1.08 
RRbyG.. 
AmSec 1.02 
AmSttB 
ASolar 
AS Iff fl 

Amrtrs 1.60 
Amnnt 
Amgen 
AmskB 1 
Am pda .40 

An logic 

Anarun 

Andrew 

Apogee .14 

AptttoC 

AppleC 

ApIBlas 

ApWCm 

ApidMl 

ApkJSlr 

Archive 

jr* w, 

• Artel 

AsdHat .12 

Asncsy 

Atcor .44 

AB Am .40 

AitntBc .90 

AUnFfl 

AUFm 

Adflesa 

AiSeAra 

AiwdOc 

AuTTrr I 

Autmtx . 

Au,ton 

Avacre 

AvmGr 

Avmek 
AvIalGp 
AzlcM 30 


4 19% 19 

10 13% U 
68 21% 20 
1118 12 11 

2 20 20 

735 ift 0 
44® 23% 2Z 
27013-16 1 

IBS ft 6 
365 87. 8 

76 3% 3 

<7 15 W 

14 10% 10 

94 Ift 10 
170C 1ft 12 
221 38i, 35 

1520 1ft 17 
126 8% 6 
472 23% 22- 

277 101. 18 

610 19 18 

112 3% 3 

93 5’? 5 

827 11% Iff 
691 9 6 

61 ft 6 

231 13% 131 
337 11% 11' 

as 7% 7 

10 14 M 

1 ft B 

311 31% 31 

1600 31% 31 
917 ft Iff 
164 ft 9 

151 2ft 20 
178 34% 3* 
151 ft 3 

■61 2ft 26 
71 9% 0 

2671816 1 

203 9-16 
321 37% 37 

48 2Z% 22 
326 1ft 10 
808 32% 30 

3 1ft 18 

70 12% 12 

4 12% 12 

176 17 16 

264 10 g 

7798 13% IV 
*514 19 18 

312 24% 34 

4*8 Mi, 13 
181 20J, 18 

35 6% 8 

305 ft 5 
1*8 1ft 10 
137 387, 38 

151 7% 7 

782 1ft 1? 
33 6% 6 

173 21 20 

' 17 2ft 23 
115 *2% 42! 
162 11% IT 
352 10% 10 

225 201, 28 

411 12% IT 

4 15 M 

67 4% * 

416 3% 3 

71 ft 6 

388 10% Iff 
262 6 5 

301 21% 21 
CM 16% IS 

5243-10 4 


19% 19% 

1ft 131, - 1, 
207, 21 + % 
11% 117, *. 3, 

20 20 - % 
ft 10% -■ % 
2ft 23%+ % 

1% 1% 

ft ft 
ft 8% - % 
ft 3% —1-16 
147, 15 + % 

1ft 19% 

10 10%+ *, 
12 12 - % 
35% 36 + % 
17% 10% + 3, 

6% ft 
221, 22', + % 
1ft 1ft + 3, 
1ft 1ft 
3 3 - % 

5% 5% 

1ft II + % 
6% 9 

ft 6%- % 
13% 131* - % 
11% 11% - % 
7% ?%+ % 

M 14 + % 

ft 8% + % 
31 31% + % 

31% 31%“ % 
10% 1ft 
5% 5% + % 

20 2ft +1 


Chcmox 1481 10 
ChryE .12 310 ft 

CtWOn 6*3 9 

ClhPacs 343 20% 

Clttonr 55 91? 

ChrDwt *0 6* 21% 

Cityron .10b 320 8% 

Cmuc .12a *01 37 

Cipher *01 141, 

Cipnco 1 92 5% 

Clrcon 66 5% 

CttSGa 88 1813 18% 
CfeFid 1.04 107 36% 

CtzUt A I 114 42% 
CGUt B 1.90 66 40% 
CityFed .40 1015 10% 
CtyNCp -88b 150 301; 

Clark] .60 89 24% 

CfcarCh 38 1ft 

OeviRl 2 164 17 


34% 34% + % 
3% 3%+ % 

2ft 261, + 1; 
9 S’, 

1 % 1 % “ % 
h 9-16 
371, 37% - % 

22% 22% 

101? 1ft + % 
307, 32% +1% 


16% IBS, - % 
121, 12% - % 
12 % 12 %+ % 
1ft 17 + % 
ft 10 

11% 11% -1% 
Ilf, ia% 

24 24% + U 

13% 137,+ % 
Ift 1ft - % 
8% ft + % 
S'? ft+ % 
IB 19 
38% 397,+ % 
7% 7% 

12% 131, + 1 

6% ft + % 
2Ch, 201, - % 
23i, 23% 

42% 42% - % 
11% 1i%+ % 

10 1ft + % 
28 26 
11% IZ - % 
M% 15 + % 
4% 4%+ % 

ft ft+ % 
6 % 6 %+ % 
10 ift + % 
ft s% - % 
21 21 
1ft 16% + % 

4% 4% - V1B 


ClarkJ .60 89 243, 

CfcarCh 38 1ft 

OeviRl 2 164 17 

Clttitms 512 2ft 

CoasF 462 19 

Cube Lb *03 ESS, 

CocaBU .56a 61 45% 

Coeur 24 153, 

Cogenlc 40 ft 

Coiwntt 194 15% 

ColabR 157 * 

Ccnagen 688 15% 

Colima 88 4U 

CoIrTle 2306 19% 

CMoNI .74 465 18% 
Comare 582 10% 

Corneal .12 237 19% 
Comdta .16 131 IIS, 
Comdtal 167 3i; 

Crnenc 410 34 3ft 

CmceU 1.04 28 44 . 

CmlSh .50 212 ft 
ChiwTI -02 b Z? 311? 
ComAm 153 1% 

Comind .38 738 27% 
ComSys -05e 277 1ft 
CtnpCd* 107 1ft 

Compaq 3003 ift 
CmpCra J2 655 1ft 


Compus 

CCTC 

CrupAs 

CmpDT .00 

CprEiil 

CmptH 

Cmpidn 

CmpLR .13 

CmprM 

OltpPdS 

CmTaka 

Cmputn 

Cprctl 

Comshr 

Concpri 


310 ft 
46 ft 
562 2ft 
7 

275 ft 
93 131; 
6 61, 
3 7% 

8 ** 2 % 
7444 ft 
29 1ft 
2 5 

6 1 % 
346 1ft 
2493 ft 


CnCap 440 710 16% 
CCopfl 1.68a 23 W% 

CCapS 416 540 Mi, 
ConFbr 2 ft 

CnPaps 1.48 1J0 40i? 
ConsPd .08 10 3% 

Consul 95 S', 

CnllBc 204b 38 43% 

CrlHita ns in. 


95 21, 

38 43% 

ns m, 

26 ft 
10603 6% 
389 1ft 
2375 1 5-1B 
907 ft 


CoorsB .40 648 1ft 


37% 23% Zumln 1.32 35 M 413 u37% 35% 37% + 1% 


TranExi* .14 2* *?• S’ 8 T ? tiw West dedaralion. 

Tranrea 8 272 7% W, 7% +% 

TrGP (K450 M .7 25% 25 +% a- dM dend alio axtral*). b-emuol rate of dividend plus 

tJSSUibo <0 *3 ™ il! S% Si Xi Stock cfwterid 0-j|qumg (Wdant l cU*^ <Hibw^ 

3— T “ tSii M«4ft mS « “% low. e-dMdend declared or paid in pracecting 1£ months, g- 

^ 78 22% dMdend In CaranSan funds. sqt)*ac: to 15% non-realdencu tax. 

T^M r 2 60 8 34% 33% 3ft - % S-dMuend daciwad after sptt-up or slock tfvidend. J-d7«hnd 

TwW of 1.80 iv 1 Jft ’ft Jft paid Wa year, ornttted, cUdoTed, or no ectkm taken at latest 

TravtaiEw 4611 1S21 4*7, 44% 447, +% tStdcfand meWng. k-dMdend dedarea or paid tills year. an ac- 

Trev pi 4. 18 7.7 ns 54% 53% 53% — % curmjtative Issue wvtti rSvictonds In arreare. n-new B&ue In tin 

TnCon£40e J£ 222 27 2ft 267, past 52 weeks. The high-low range begins wth 016 start of 

Triaht 9 20 .7 5 268 28% 273, ~ % Ceding, nd-next day cMMxy. P/E-prl ca aa m l ngs ratio, p-divi- 

TvitR; ( S.0 9 76 dand tfacfirstf or zmki t\ prapftd fr ig 12 montf9. Rftis stock dM- 

Tribune 84 1.7 « 4105 +1f» (JuA ep«. DMdenttib^lns wtoi date of sp«. «l*- 

?55gT7* 1 j» 5.5 « « S S § ^ 

en +? iKA nio 13% +3, matad cash value on ex-oMdend or ex-eftstnoubon date, u- 

TrtSgldb 0 3 25 S30 Sft 31* «% -R ya^ ^ ^ r»c«vor- 

TrffioftlO 86 1S8 16% 17 17 -11 BNp dr belnfl reorgamad under the Bankruptcy Ad, or sacu- 

TuraEP 3 7.4 0 222 4ft 40 4ft +% ritiM *s«umed by such comparves. wd-ritanbuted. wri-whan 

Tube* r48 2 6 15 138 ift W% iffg +% issued. ww-v«h wanaitta, x-ax-<*«and or ex-righta. xrSs- 

TwtnDe .90 4 9 15 30 16% 1ft 1ft +% ra-dbtribuWxv xw-wdtiou! warrants, y-ex-dhmiend and saws 

TycoLb M 40 12 627 40 39% 39% +% m ML ykHMd. Male* iff faj£ 

Tyler a .40 £1 11 111 13 dlft 13 HMaaaMreMMMHMM 


B8D0 4 20 
BRCorn 
BancoU .90 
BcpHw 1.36 
Banaao 
GangH .60 
BKNEs 2 
BkMAm 1 
Bankvt 

Bantaa .38 
BarsnO 
Bamss 
BsTnA 

BasAm VIM 
Bsctf 0ta 
BayOks 240> 
Bayly .12 

BnChCt 
Ben ban 
BeizUr 1.32 
Big B 
BlgBear 
Bindlys 
BioRes 
Bmgen 
Bxjmc 
BioicR 
Birdlnc 
BoalBn 1.50 
BobEv .30b 
BoUTe .16 
BoatBc .72 
Bsmoig 
BstnFC .40e 
BtueCp 
Branco .12 
BrwTum 
&untrt -16 
BuHdTs 
Bmhm J4 
BurtBr 

BMAS 1.M 

Bushi id 


C COR 

CP R» 

CM. 

CPI .05e 
CPT 
CSP 
CACI 

CbrySc JOi 

CelMie 

CaSive 

CarionP 

Calny . .16 

CanoflG 

CapCri) 

Crdnlp .06 

CerewC oa 

Caremk 

Carton i 

Casey»9 

Cencurs 

CntrBc 160 

Cantcor 

Con Be ZDSb 

CBthSs 

CFCBkS .8* 

Cormtk 

Cuius . 

ClupEn 

CnaimS 20 

ChkPni 

Cnklcb 

Chirm -38 


B B 

ret 4S 

10 7 

14 15% ' 

5 347, ; 

33 ft 

132 ft 
483 47 
587 0% 

25 1ft ' 
1097 17 

40 ft 

1333 171, • 

36 11«? ' 
155 77, 

59 34% : 
467 60% J 

26 6% 

66 0% 

206 11% 1 
340 321, : 

10 14% 

162 16% 1 
311 10% 1 

1097 01, 

1106 11% 1 
111 2>, 

16 8% 

41 6% 

46 33 : 

172 20% 1 

52 6% 

38 34% 2 

1 4 

274 26 1 

6 111? i 

677 3% 

4413-16 11 
4171 13% 1 

13 22 1 

17 M% 1 
106 17% 1 

3 28% i 
822 7 

c c 

109 5% 

39 4% 

52 10% 1 
254 201, 2 
477 ft 
160 11% 1 
142 3% 

1228 20's 2 


45% 45% 

7 7 - % 

1ft 1ft- % 
34 34% 

ft ft + % 

9% fl%+ % 
46% 46% + % 

9 9% 

15% 1ft + % 

10 17 +1% 

ft ft 

Ift 17% + % 
11 % 11 % - % 
7% ft+ % 
34 34 

5ft ® + % 
ft ft - % 

9% 91; + % 

11% Ift - % 
32 321, + % 

14 14 

161? 16% 

10 10 
ft «%+ % 
1ft 11%+ % 
ft ft 
77, ft - % 
77, 77, 

32% 33 
20% 201? 
ft ft — % 
3*8 «%- H 
4 4 " '« 
263, 26% - 1% 

11% 111, 

31, 3% 

11-10 11-16-1-16 
1ft 131, 

21% 21S, + i 4 

M% 141,- % 
16% 17 + % 

28 28% + % 
ft 7 + % 


CopyW 

COTCOtn 

Cordis 

CoieSlS 

Cotvub 

Cosmo 

CrfcBrl .14 
Cronus 
CrosTr .90 
CwnBk 
Crumps 
Culbifr .94 


443 38% 
36 7% 

596 9% 

607 29 
216 1% 
245 3% 

.14 29 12 

60 16% 
.90 1454 22% 
49 13 
48 TB 

.94 17 20% 


I Culums .50 29 22% 


DBA 

OCH 

CEP 

DSC 

tteipySy 

DaiasF 

DmnBM 

DartGp .13 


6 191? 

D 

8 14% 
3 2% 

6 11 
3543 7% 

1760 25% 
462 29% 
77 S’? 

30 105 


9% TO * 7, 
ft ft+ % 

63, 9 * % 

27% 273,- % 

9% 9’? 

21% 2ft 
6 B 

36% 37 + J, 
14% 14% 

ft ft + % 

6% 6'- + % 

18 1ft + 7, 

35', 36’,- % 
41% 421, +1% 

39% 40 * % 

ft ft+ % 

30 30% 

2*% 2*% - % 
1ft 16% + % 
1ft 17 
2* 24 - 3, 

1ft 19 
21 22 +1 
443, 44% - % 

15% 15% - % 

ft ft -vie 

14% 151,+ % 

3% 37, - 

lfti 1ft- % 

4% *%- % 

19 19% 

173, ift+ % 
103, 1ft 

ift ift + % 
11% IP, + % 
ft 2% 

38% 393, + % 
433, 433, - % 
ft ft" % 
301; 31%+ % 

1J§ 1% + % 

% 

17 17 - % 

10% 1ft 
17% 17% 

33, 37-16 + 1-11 
ft 7%+ 

23% 23% - % 
ft ft - % 

6% 61? 

13i, 13% + % 

8% S’? 

ft ft 
2 ft+ % 
ft ft - % 
Ift 19% - % 

5 5 + % 

1% 1% 
ft 10+% 
ft ft 
15% 15% + % 
14% 14% - % 

13% 133,+ l, 

ft ft~ '» 

46 46%+ % 

ft ft 
2 2 

423, «3i, + % 
10% 11 
ft ft+ % 

7", ft* % 

12 1ft + 

13-16 15-15 ♦ V16 
3% 3 13-W + V16 
1ft 16% 

36% 371? - ft 

71, 7% - % 

9 9 

20 29 +7, 

IS, 1 11-16 + V1B 

ft ft | 

11% 12 
16 16% + % 
21% 22%+ 7, 

1ft 12', + % 
17% 17% - % 

201, 201, - % 

22 22 -% 

19 19% + % 


20 7 ft 7 7 - », 

.8* 878 2*1, 24% 24% - % 
64 19% 19% 191, 

2S8 13% 13 1ft + % 

F F 

13 7% ft ft - % 

1T04 1ft 10 10% + % 

I 298 1% W, 1 7-16 + V16 

321 12% 11% 12 + % 

1.76 1017 Eft 6«g 621, + 3, 

128 19% 19% 19% ~ % 

216 4<, 4 4% 

45 16% 16% 15% ♦ % 

1.32 652 29% . 29% 29% + % 

1 50 30 57% 56% 56% + % 

.56 31 37 36>« 37 

.60 96 13% 13% 1ft + % 

432 5% 43, 5 - % 

41 15% 14% 15 

1 12 71 323, 3ft 320, + % 

.80 9 31 30% 30i, 

.94 71 25% 35% 2ft + % 

30 17% 17% 1ft + 7, 

L20 9 24% 34% 24% - 1, 

le 144 7 6?, 6-’, 

3327 15% 15% 15%+ % 

316 23 22i, 23 

.40, 338 21% K», 20% - 3, 

.80 48 14% 1 4 14%+ % 

34 18% IP, 18+% 

.44 130 30% 30% 30% 

1.80 108 3ft 367, 36?,-. % 

160 GO 5ft 53 53 - % 

140 14 37% 371? 37%+ % 


Jospnsn 71 3 ft 3 - 

Junes. 173 19 10% 15 ♦ % 

Justin .40 2.12 Ift 15% ift 

K K 

KLAs A« Wi, 19 15% - Jj 

KV Put 13 b% 8 8% 

kamons 570 2ft 2? 1 * 2ft - > 

Korcnr 202 Tb% 16'* Ift + % 


Kasim J5* II 13 11% 11% 


35 ft 9% 9% - ij 


knuip 180 *!« 56', 56% 50%+ % 


1.08 316 41% 41 4ft + % 

.80 808 291, 263, 29 + % 

V10 348 22i; 21% 2ft- % 

1.80 77 39>, 89% 


KyCnLI 1 12 41% *1% 41-', 

Kevpx 077 6% 0% 6% - % 

KrvTin 272 9% 9% 9% 

Kim bra 242 2% 2 'b 2' a 

hmoor 06 1318 17% 17% 17? * % 

Kray .06 73 7% T 7 - % 

Krugor .36 7&3 14.% 1ft 14% ♦ % 

Kulche .13] 357 10% 1U% 10% + % 

L L 

LOBrak 435 6% b% ft ■+ % 

LSI Log 832 18i; 18 18%+ % 

LIX 23B 10% 10 10 

La Poles 91 IP, 17% 171, — 1, 

UZ By 140 GO 60% 50 50% 

LadFrn .16 140 2ft 21% 21% 

Latdlw 20 159 14 131? u , % 

LomaT .60 36 16% 153, 15',- % 

LancuM 68 1b6 16% 16 16 

LanoCo .92 0 51% 50% 50';- 3, 

La wens .32 145 27% &% 25% - ft 

LeeDla 356 5% 5% ft 

Lot nor 232 10 ft 10 + «, 


LownP 28b 92 7% 7 


1.80 27. 39% 39% 8ft 

124 343 41% .40% 41 + % 

415. 2% ' ft «, - % 


.48 123 ■12’, 11% 12% + 


20 96 1ft 10% 101,- % 

.80 69 4ff? 40 40 - % 

248 12% 12 12 — % 

tB 12 Vft 14% 143,+ % 

2» 4% 4 4 - % 

09 50 1», 17% 1ft- % 

07 77 17% 17% 17% 

S6 148 31% 31 31%+ % 

• 1 « 1ft 1ft 1ft- % 

12S3 21% joi, 2 0% 

407 1 15-16 1 11-16 1 13-lb - H 
,06b 1098 9i; ft ft 

.10 85 4% ft 4%- % 

.48 286 2ft 237# 237, - % 

293 S ft 5 + % 

.32 21 I6i, 1ft 16%+ % 

G G 

5ft ft ft + % 

92 12 IV, IP, 

.10 74 ft 6 6 

I 5*9 487, 48% 4ft + 3, 

1145G 9% 9% ft 

3303 ft ft ft - % 

442 2*3, 2ft 2ft- % 

236 7% 7% 71 j 

.24 6174 1ft 18% 1ft + % 

442 15 14% |4% 

1457 1S>, 1ft 15% - % 

160 2ft 22% 2ft + % 

.76 54 16% 1ft 1ft + % 

.44 401 18% 17i t 18% ♦ % 

36 B% 8% 8% * % 

143 1ft 13 1ft + % 

1661 7% ft 7% 

.46r 201 22(? 22 22 - % 

124 9% B% B% 

428 15% 14% 1ft + % 

■05a 239 M% 14 1ft- % 

15c 338 % J, % 

H H 

JO 2255 1ft 16% «% - % 

.06 I 9% 9% ft + % 

192 17 1ft 17 

6, 4% ft ft - % 

211 3 ft 2% - % 

i 7 % % £ 


Lexicon 447 2% 29- 1G 29-16 -1- IE 

Luxidta 11 2 ft 1% 

Uebft .07 23 20% 20% 50'? 

Lhnvs' J2* 1 Jft Jft 4ft 

UoCom 692 ft ft 6% + % 

UlyTul .30 632 173, 17*; 17% - 

LinBrd 11&5 36 3ft 3ft + % 

ImcTuI 430 16 34J, 34% 3J% - % 

LiSCIaa 35 4606 42% 41% 42% 

LongF 158 199 25% 25 25%+ % 

Louis 1142 19 18% 1ft + % 

lynden 1 23% 23% 23%+ % 

lyphos 840 23% 23% 23%+ % 

M M 

MBl 47 BI; 8% 8',- % 

MCI 30987 l(T, ft ft + % 

MIW 119 7% 7% 7% + % 

MPSta 22 3% 3% ft - % 

MTSs .24 1 18% 18% 18% - % 

MTV B13 321; K 32% + % 

KlackTr 793 10’, 10 1ft 


MadGE 2 28 19 26 2ft 253, + % 


590 9% ft 9% + % 


Uolnre -Ola 22 liJ, IP, tv, + % 


Msmiir 80 IIS 21 20% H>% - >, 


478 33% 32 32% - % 


Motors .30 28 1ft 16% 16% - % 


Maiqsl 96 0% 7% P, - % 

MridNs 1 221 3P, 31% 31% - % 

Used* 199 IS% 7ft IF; + % 

Mjsstor 3*4 1% 1% 1% - % 

MalrxS .10 34 30 30 30 + % 

Uaxcra 1483 18'; 18 1ft + % 

Manvel 20 12% Ift 12% * 

UafPI 175 S', 5 11-18 5 tl- IS - Hf 

MoynOI IJ1S4I1-16 *% 4% - % 


McCrtn .83 551 Jft 3ft 3ft + ', 


Mode* .05 *4 9’. 


243 ii! s IIS, 11% - % 


MedCre 21 5% 5% 5% + ’j 

Mi+itor 798 14% 14% 143, + % 

MenirG 2700 ir% ift ift 

Men: 8c 1 92 151 37 3ft Sift t % 

MetcBk 168 33 &*’, 63), 64 + % 


ft ft + % 
Ift 17 
ft ft” % 
27, 2-^-1, 


.10 140 1ft 181? 18% 


Da tents 34 386 1ft 


651 ft 
B0 ft 
4* 243, 
83 2% 

59 ft 
7 5% 


DebShs SO 58 1ft 


DoctsD 
DeklbA .72 204 271; 

Delta us 411 1% 


1* 14 - % 

2N ft - '» 
11 11 
7% 7% 

24'? 2ft 
29 29% + 3, 

ft ft 
102 105 +« 

Ift 18% - % 
ft ft+ >, 
ft ft 
241* 2*1, - 3, 

2% ft - % 
S% ft+ % 
ft 5% ♦ 1, 
175, 1ft + % 


.24 15 1ft 1ft ift - % 

1.72 353 32% 3ft 3P* + 1 

-20 41 9 ft 8% 

.M| 295 7% 7 T, 

12 2 2 

277 ft 29-K ft + % 
.16 65 ift 17% 17% - % 

OB 42 1ft 1ft 18% + % 

2964 13-16 45,413-16-1-16 
33 1ft 1ft 18% - % 
92a 20 31 -a 3V, 31-', + 4 


1B0 

36'; 

36% 

3ft 

40 

»'■ 

20), 

»■- 

251 

13 

Ift 

13 -r 

326 

20 

13 

20 t 

531 

16 

15% 

1ft 

103 

2V 

ft 

JI; ♦ 

31 

g‘ 

ft 

5-i- 

26 

6% 

6 

6% 

24b3 

4'a 

*'; 

ft + 

278 

7% 

7 

7% + 

7 

ft 

ft 

5, 

150 

3 

. = 8 

3 


Mirrlc 2*63 4' e 4% 43, ♦ % 

hhciop 278 7% 7 7% + l, 

MicSms 7 S', 5-x 5 ; * 

MUPcA ISO 3 2, 3 

Md&rFd 40 15 21% 21% 21% + % 

MKflBh 124 259 38% 3ft W; * % 

UdwAir 730 8 P, 7'? ♦ % 


MiliHra .44 757 23’, 23 23% ♦ », 


IP, 11% - % 
27 27% - % 

1 1 + V It 

3-16 316 - VH 

fa f a - % 

M 14 

31-16 3% 4 % 

V* 141, ♦ % 
3% ft + % 
26 281?+ % 
31% 35 + 3, 
20% ft 
*% 3ft + Sb 
14 1<%+ % 

2ft 21% + 3, 
10 1ft + % 
1«% 15% + % 

Tft 181, - % 
2ft 23% - 1, 
1??+ 3, 
ft ft " % 

ft 6% 

29% 30% + 3, 

E 

ift ift 

B 6% 

13-10 1%+VU 

10 10 + 1 , 

% 

14% 145,+ % 

ft 1ft + % 

11% IV, 

10 10%+ % 
11% 1 11* — 1 
17% 17%+ % 
IS; 16 + % 
3% 4 

ft ft + % 
14 M 
10% 10%- I, 

2% ft + % 
7 7 

91, 8% ~ % 

19 19% * % 

17% 10 + % 

13 13% - 7, 

Tl% 12 + % 

ft ft + % 


5% S’? 

4% 4i, 


719 11% 
404 5-16 


40 4 5-16 
120 ft 
346 13% 
1901 23’, 
128 15-16 
10 17 
107 ft 
1086 11% 
807 15'B 
346 1ft 
19 IS, 
87 31% 
670 20% 
52 M% 
27 21% 
122 25% 
6 ft 
1762 1ft 
1899 4% 

1342 23% 
33 15% 
2S 8', 
442 20% 


10 10 - '« 
20 20 
ft ft + *, 
IP, 11* 

3 3 + * 
20% 20% + % 
10% 11% t % 

4’, 4 5-16 +3-16 

ft ft" % 
13% 1ft + % 
2ft 23 + % 
% 15*16 
16% 16% - % 
35-16 ft - % 
10% 11 + % 
15% 1ft t % 
10 1ft- % 
1ft 1ft + % 
31% 31% + % 
1ft 20 
55 55 

20 % 21 %+ % 
84% 25% + % 
ft ft* 

1ft 15% 
ft 4% + % 
2ft 23% + 1 
15% 15% % 

8 ', 8 % 

20% 21 r % 


Denoter 179 i, 

OeruMd 1222 6% 

DlagPr 11 1ft 

Diosonc 6876 ft 
Dlceon 63 m, 

Dicmed 703 3% 

DigtCm 155 33% 
Dionex 776 35% 

DirGnl .20 639 20% 

DofflB 1.32 310 3ft 

DrcbH ,30a 7 Ml? 

floytOB .88 » 21% 

Grants to* 14 10% 
DiarJr 265 15% 

OreyGr 257 19 

DunkOs JH 125 23% 
Dunron 55 803 Tft 
Durfits .15 799 10% 
Dynacn 217 6% 

DyntchC 4W 3Cj 


217 ft 
402 30<j 

E 

5 1ft 

J2 ^ 

32715-16 
12 10 


! EconLb 104 8SS 37% 


□Che 

□Pas 1.52 
Elan 

Ekkms .16 

ElecBro 

ElCaths 

ElcNud 

Efcflnt 

EJdMb 

OronEI 

EmpAir 

Emu's* 

EndM 

EncJvCP 

EnduLa 

EnqCnv 

EnFeei 

Engptis JO 

EiudBi 

Equal 


40 ft 
1.52 769 1ft 

51 10% 

.16 5 n% 

407 10% 
2* 1ft 
605 17% 
0*4 16 

463 4 

42 ft 
15 14% 
302 10% 
27 ft 
10 7 

4790 ft 
100 19V 
220 161, 
DO J3 13% 
180 12% 
1417 9% 


vea za 31-a 3i% 3i‘, + % 

lb 1B7 23 2ft 22% 

*8 n% n ii% + % 

701 ft 6% ft t % 

8 30% 30 30 

138 3% 21? 3-1; 

.64 83 26’? 26 2ft + % 

7.20 1276 *3% 43 *3 - % 

64 5% 5% ft 

579 31% 30?, 3ft - i, 

-20e x250 24V 23% 24'? + % 
22 1ft ift 1ft + % 

.8* £6 23 2ft 2ft 

2* 27% 27% 2ft + % 

210 13% 13 13% 

i I 

1 10 ID 10 + % 

16 375 33% 321, 331, + % 

453 13% 1ft 13i,+ % 

439 7 ft ft + % 

20 6% ft 5% - % 

24 3% 3% 3%- % 

160 131 51% 51 51 

190 25% 25% 25% - % 

276 1ft 16 16'?+ % 


Million 10 3v j% 3'. 

Millipr .48 1952 *0 ' 3ft 39'i 

Minton 535 2 0-16 2% 2% 

Minsiar 182 23 22% 23 

MGask .Ole 50 7% 7% P, - % 

MoblCB 501 11% 10% 11% - % 

Moduws .69 163 18% IB’, 18% + ’? 

hWcdr 35 7% 7% 7% - % 

Mole* 03 353 33 32% 32% 

klonia .45U 32 2£U, 24J, 34% - % 

MunAnf 362 17% 1ft Ift - % 

Mono! it 1273 13 12% 13 * % 

ManuC 1 40 12 32% 3J% 32% - % 

MorKg .16 54 13 1? IZ 1 ; 

Morrsn .48 213 177, IP, IP, 

UoMrfry SOS 2>, 2 2% + », 

MolClb 30 55 17 17 17 

MvUUis .10 1524 16% 1ft 1ft- % 

N N 

NCA Cp 195 ft 3 3%- % 

NMS 205 4% 4J, ft - ’, 

Mapcos 88 10% 9 : 0 9% - ■% 

NBnTet 78b 4 24 23-% 23!,- % 

NO Cry 2 135 46% 46>, 46% » % 

WCpiiS .20 579 1ft IB 18 

NDaU *4 240 15% 15% 15% 

N»WC9 .Mi 6 1 Ift 1ft 1ft 


2TB Ift 16 16'?+ % 
1306 21% 20 21% +1% 
3*34 5% 5% ft+ % 


03 12% IP, IP,- % 

46 4% 4 « 

44 14% 13% 1ft 

3861 26% 25% 253, + % 


NtLumb 

NMrin 

Naugm 

MetenT .20 

Mo Ison 

NwkSue 

NlwkSs 


802 3% 2% 2% -MB 

64 1% 1% 1%- 

G 6% fr% G% - % 

718 S, 43, 5% » % 

339 6 ft 5", + % 


274 

3% 

3 

3 

Nsutrgs 3 

3 2 

32 

32 

131 

ft 

ft 

ft- % 

NSrunS 39 

9V 

9% 

ft 

54 

12% 

11% 

1ft 

NHmpe 80 457 

3ft 

30>, 

31% +1% 

87 

13 


13 

MMU L12& 351 

32'? 

3ft 

Jft + J, 

1673 

27% 

26% 

26% + % 

NwldBk -10a 505 

17% 

ift 

171, r V, 

72* 

ft 

ft 

ft- % 

Newot .06 27B 

00% 

a? 

20 - % 

220 

13, 

1ft 

13%+ % 

NwpPh 1904 

n« 

‘ft 

11% +V; 

116 

6’? 

6 

0 - % 

N*Ca)g 1 1233 

»a 

i 

1 5 16 t Vl6 

311 

11% 

11 

11 

Niko B 40 509 

1», 

13’? 

U 1 ; 


1506 (8% 18% 18% + % 

74 15% 15% 1S%- % 

11B 73, 7«, ft 

40621-16 1 1816 PI- 16 + V 
77 221, 213, 28% t V 

594 10% 101, 10%+ % 

656 121? 12i, 1?1- 

1062 9% ft 9% + % 

J J 

.16 144 ft ft 97, t % 

119 5% 53, ft+ % 

140 367, 39% 36% 

1342 24 % 21% 23 +11, 

108 ft 5% 6% 

16 6(4 23% 221, 23 + % 

l 6 6% 6% ft 


Nadsn G6 14 I6i; lb 16 r 1 

Nurds lr 44 52? 46% 4P, *0 + % 

MrskBs .2N 25b 51% 5ft 503,- 3, 

Not van 38 eg, ev fiv 

NAilto 37 7% 7$ 7% - % 

NosISv 139 15% 15 15% + % 

NwNG 152 57 13% ir, ir B - % 

NsIFns 68a 56 31% 3ft 31 

NwNLI 80 428 22% 22% 22% • % 

NwsiPS 210 Ji 22% 2ft 22% - i. 

Ttairil 1 63 294 56% 55% Sft+f', 

NuctFH 85 5’, ft 5», 


Numrcs 5Q 65 171, 17% 171.- j 

NuinF 0 B% 9% 9% 


Continued on Page 29 




SMlENTTlnS 




32 


Financial Times Monday November 4 1985 


CURRENCIES, MONEY and CAPITAL MARKETS 


FOREIGN EXCHANGES 

Pressure continues on dollar 


BY COUN MILLHAM 

Central - banks maintained 
downward pressure on the dollar 
last week. The foreign exchanges 
reacted to a mixture of inter- 
vention by the central banks, 
interest rates, and in general 
disappointing statistics from the 
US. Most of the intervention 
took the form of selling the 
dollar when it was already in 
retreat, thus accomplishing the 
objective without using up many 
resources. On Tuesday the 
German Bundesbank sold 
a mere $l.Sm at the 
Frankfurt fixing, and that 
may have been the only inter- 
vention by the German central 
bank all week on the spot 
market There was some sus- 
picion the Bundesbank was intro- 
ducing new tactics when It 
bought DM4bn In short dated 
contracts against the dollar on 
Monday, but this was a move to 
prevent the domestic money 
market from becoming too liquid 
across the month end. 

The drain of D-marks also re- 
sulted in firmer Euromark in- 
terest rates, which coupled with 
recent moves by the Bank of 
Japan to increase Tokyo rates, 
had a depressing impact on the 
dollar. 

As a further factor it was 
rumoured that Group of Five 
ministers from the leading in- 
dustrial nations are to meet 
again this month. It was the 
Group of Five meeting In late 


£ IN NEW YORK 


i Nov. l 


Prev. ok>H 


£ Spot IS 1. 44254460,81.4480-4400 

1 month , 0.44-0.43 pm.0.45-0.43 pm 
' a month* ]ja-U7pmiU8-U4pm 
lg months j 4-03-3 JO pm5 JO-3. 70 pm 
Forward premiums and discounts apply 
to tha U-S. dollar 


September which began the pre- 
sent decline of the dollar. 

US economic data were dis- 
appointing enough to indicate 
that third quarter growth in 
Gross National Product will be 
down from last month's estimate 
of 3.3 per cent when it Is re- 
vised on November 2L 

Leading indicators were 
generally regarded as the most 
important figures of the week, 
but in the event the US trade 
figures probably' had more im- 
pact. The market expected a 
trade deficit of about S12bn in 
September, compared with 
S8.90bn in August. 

The record shortfall of S15.5bn 
was therefore a surprise and 
contributed to the dollar's 
weakness. 

Leading indicators rose 0.1 per 
cent in September, in line with 
most forecasts, but also indicat- 
ing that US economic perform- 
ance is sluggish. On the same 
day It was announced that 
September factory orders had 


fallen 0.6 per cent and the 
combination of these statistics 
made die market ignore a larger- 
than-expected rise of $SJ5bn in 
weekly MI money supply. 
Although money supply remains 
above the Federal Reserve’s 
target range it is possible that 
the US central bank -will soon 
Inject a stimulus into the 
economy by cutting its discount 
rate. 

US unemployment figures 
showed no change in September 
and although the number of 
people employed outside the 
farming sector rose by 414JJOO, 
against expectations of 250,000, 
the dollar did not react favour- 
ably. 

The strength of the Japanese 
yen continued to depress the US 
currency. This followed a state- 
ment from the oil minister of 
the United Arab Emirates that 
members of the Organisation of 
Petroleum Exporting Countries 
are free to sell oil at any price. 
Other Opec members denied that 
the cartel had effectively broken 
down but expectations of lower 
oil prices for a very large oil 
importer such as Japan gave a 
boost to the yen and had an 
equally unsettling effect on 
sterling. As the yen rose to Its 
highest level against the dollar 
since March, 1981, the pound 
weakened on Friday dn terms of 
all major currencies, including 
the dollar. 


FINANCIAL 

FUTURES 

POUND — S (FOREIGN EXCHANGE) 


UFFE— EURODOLLAR OPTIONS 
Sim pGMRs at KXT. 


CURRENCY MOVEMENTS OTHER CURRENCIES CURRENCY RATES 


Bank of Morgan 
England Guaranty 
Index Change % 


Nov. l 


Nov. l 


iBank 


I Special {European 
Drawing [Currency 


Right* 


Unit 


Sterling 

UJ3- dollar. 

Canadian dollar — 

Austrian schilling .- 

Belgian franc— — 
Danish Kroner—.. 

Dautacha mark 

Swiss franc— — — 
Oulldcr. - 

French fran c 

Lire 

Yen ' 


80.4 

189.4 

83.6 
11B.9 

92.0 

81.7 
128.1 
151.6 
118.1 

68.8 

44.6 

173.8 


—10.0 
+ 17,4 
-9.0 
+ 5.2 
-9.7 
-3.7 
+9.9 
+ 13.4 
+ 6.6 
- 12.6 
—19.6 
+ 26.4 


Morgen Guaranty changes: average 
1380-1932-100. Bank of England tads* 
(boon average 1975— 100). 


Arg'tina_ ; 1.1 492- 1.15 190.8000-0.80 10 

Aua'all a. .18.0680-8,0680' 1.4361-1.4366 

Brazil. 118,282. 12,3621 8.980-6.590 

Fin land —i8.00608.0787>S.6090-6.6 1 10 
Greece ...;217.48-222.18'151.76- 104.91 
H'kong -' 11 . 8100-11 jEDOj7.8060-7.8090 

Iran 135.60' 86.16* 

Kuwait '0.421O-O.422ota 28KS-0.29538 
Lux* burg 1 76.55-76.66 | 53.15-53.26 
• Malay-aet, 3-6200-3.5300-2 .4526- 2.4575 
N'Z'land NlA I N/A 

Saudi Ar.;5.2415-a^47S|3.B490-3.65O5 

Sin' pore . 3.0500 -B. 0600 I 2 . 1260 - 2. 1200 

S.AfT(Cm 1,3.69 15-3. 7241 12.5806-2^873 

S-Af. (Fn>. 5.3028-6.3496:3.6607-3.8095 

U.AJE ,5^746-5^80013.6720-3.6730 


Sterling 

U.S.8 

Canadian 6. 
Austria Seh. 
Belgian Fr... 
Danish Kr — 

D mark 

Guilder. 

Frenoh Fr — 

Lira 

Yen 

Norway Kr_ 

8pan'h Pta_ 

wed inti K— 
Swiss Fr— . 

Greek Dr*oh 

Irish Punt... 


7ij 
! 8.77 
4 
' 9 

• 7 
! 4 
; 5 
I 9ic 

I 1 ! 1 * 

1 8 

1 

' 10»a 
! 4 
I 201 2 


10.7466141 
1.07378 
• 1 

• N/A 1 

N(A 

10.1542: 

NlA 

.■ 3.15858. 
- NlA • 

N/A J 
825.700 1 
f B. 43991 
! NlA 
. 8.42756- 
2.30025 
N/A i 
N/A 


NlA 


SsUfig 


•CS/SDR rate (or October 31: 1.46462. 


Spot 

1-mth. 

3- mth. 

6-mtfa. 12 -mxh- 

1.4605 

7-4383 

1-4Z77 

1.4188 

1J073 

! DMA— STERLING Sa par £ 


Latest 


Lew 

PMtf 

DSC 

1.4375 

1A38S 

1.4275 

1-4355 

March 

1.4255 

1.4265 

1.4165 

1.42S0 

June 

1.4155 

1.4T70 

1.4065 

1.4T65 



Close 

High 

Low 


Dec 

1.4305 

1-4320 

i^saa 

1^4385 

March 

1A18S 

— 


1.4Z70 

June 

1.4090 

— 

— 

1^190 


SUik* 

pnee 

Dec 

March 

Jura 

VW 

Dae 

Put*— U« 
March 



90.00 

2.08 

188 

1.60 

era 


0Q2 

0.09 


90-50 

1.55 

1.40 

1.18 

ra* 


004 



91-00 

■tm 

097 

081 

— 

— 

0.11 



91 JO 


050 

000 

5 

0BX 

0.23 



52.00 

0J3 

■031 

0.28 

90 

0.T7 

045 

0.77 

IS 

9150 

(LOB 

013 

— 

la 

049 

077 



93.00 

— 

— - 

— w 


0.94 


_ 


avious day's epae mb Cadis 

2.708. Puts 2.863 






UfFE £/S OPTIONS 
139.000 leant* par Cl) 


Estimated volume 86 (Z3S) 
Previous day's open tm — (3.934) 

U FFE — DEUTSCHE MARKS 

DM 125.000 S per DM 


Sinks 

prm 

Doe 

(tells— Last 

March June 

Vel 

Dec 

Puts— Lost 

Vol 


2X71 

2X71 

23.71 



0.15 

0.73 


12S 

18.71 

W. 71 

18.71 



047 

1^44 


1 JO 

13-71 

1X71 

1X71 


0.02 

1.1* 

2.59 

a— 

1JS 

8.71 

9-22 

10.14 

— 

0J0 

2-37 

4.24 

— 


4. IS 

014 

7J7 

40 

1.10 

*-23 

8.47 

251 

1.4S 

130 

3-83 

6. IB 

17 

3.46 

898 

SJB 

— 

1.80 

038 

2.23 

351 

— 

7J1 

10J8 

1X61 

6 


Previous day's open art CaUs 9,337, Puts 1&SST 




Close 

High 

Low 


Dec 

0.3842 

0-3860 

03840 


March 

0.3875 



0J874 

June 

0.3868 

— 

— 

0.3902 


LONDON SE C/S OPTIONS 

02.500 (cants par El) 


Estimated volume 3 (88) 
Previous day's open kit — (477) 

CHICAGO 


U.S. TREASURY BONDS (CBT) 8*L 
Si 00.000 32nd* of 100 % 



Cans— Last 
Dec March 

June 

Vol- 

Dec 

Putt last 
March 

June 

Vol 

1-20 

■/ A 

N/A 

N/A 


N/A 

N/A 

N/A 

— 

1-25 

N/A 

N/A 

N/A 


N/A 

N/A 

N/A 

— 

1-30 

N/A 

WA 

N/A 


N/A 

N/A 

N/A 


1-3S 

N/A 

N/A 

U/A 

— 

N/A 

N/A 

N/A 


1-40 

N/A 

N/A 

N/A 



N/A 

N/A 

N/A 

— 

1^46 

N/A 

N/A 

N/A 

rare 

K/A 

N/A 

N/A 

— 

1JO 

. N/A 

N/A 

N/A 

— 

N/A- 

N/A 

N/A 

— 

mous day's open M: Cads 

N/A. Puts N/A 





Dm 

Close 

High 

Low 


.78-23 

39-03. 

77-28 

78-17 

Mar 

77-12 

77-24 

76-17 

77-06 

June 

76-07 

76-18 

75-15 

78-01 

Sep 

75-05 

75-16 

■I5J 

74-31 

Dec 

74-06 

74-12 

73-26 

74-00 

Mar 

73-09 

73-13 

73-09 

73-03 

June 

72-15 

72-22 

72-15 

72-09 

Sep 

— 

— 

— 



Dec 

— 

— 


72-29 

Mar 

— 

— 

— 

70-10 

U.S. 

TREASURY BILLS (IMM) Sim 

points of TOOT. 




Dec 

Close 

93JW 

£85 

Low 

92.94 

Prsv 

93.00 

Mar 

9X8S 

92JW 

92.78 

92.85 

June 

92-53 

32.58 

9245 

atst 

Sep 

92.19 

92-22 

92.13 

92-16 

Dec 

9188 

91-97 

ai Jn 

91-84 

Mar 

91.55 

91.55 



91-52 

June 

91.28 

91J9 

91-29 

91.25 

Sep 

81.02 

— 

— 

9100 

cem. 

100% 

DEPOSIT 

(IMM) 

Sim points of 


Close 

High 

Low 

Prav 

Dec 

92-38 

92.42 

99 W 

92-35 

Mar 

92.17 

92-16 

92.12 

92.13 

June 

81.80 




91.76 

Sep 

91.43 

91.44 

91 A4 

91.38 



(IMM) 




Close 

KLTja 

Low 

Prav 

Dec 

92.07 

92.13 

91.88 

82jOS 

Mar 

91 JBB 

91.93 

91.75 

91 JJ3 

June 

81 JO 

91 JX 

91.40 

91 A6 

Sep 

91.13 

91.18 

91.04 

91.09 

Dec 

90.77 

90B2 

9067 

90-73 

Mar 

90.43 

9048 

90-38 

9039 

June 

90.12 

80.17 

90.07 

90OB 

Sep 

8084 

89-90 

89.90 

*9 JO 


PHILADELPHIA SE C/S OPTIONS 


H-AM 


Can*— Last 


Vol 

Dec 

March 

June 

Vol 

1.20 

— 





— 

— 

— 

1J5 

■aa 






i— 

— 


— 

1.30 

_ 

14 JO 


100 

005 

055 

— 

27 

1.35 

_ 

moo 

_ 

IOO 

0J5 

2.15 

— 

2.151 

1A0 

4.15 

030 



300 

0.95 

3.95 

— 

484 

1.45 

1JS0 

3.75 

i— 

^ H 

— 

— 


■“ 

1J0 

046 

— 

' 

TO 






LONDON 


20-YEAR T2T. NOTIONAL GILT 

£50000 32nd* of UK 


THREE-MONTH STERLING 
£500,000 points of 100 % 


Low Prav 
112-22 -113-04 
— 113-06 


Close High 
Dec 173417 113-08 
March 113-09 — 

Juris — — — — 

Sept 112-09 — — — 

Dec 112-09 . — — — 

Estimated volume 3,027 (3.871) 

Previous day's open int — (4.655) 

Basis quota (dean cash pries at 1 

Treasury 2004-06 lass equivalent price 

of near futures contr act ) n.a. 

10% NOTIONAL SHORT GILT 

£100,000 84th* of TOO% 

Close High Low Prsv 
Dee 98-00 88-00 87-68 98-03 

March 98-13 — — 38-15 

Estimated volume 747 (734) 

Previous day's open fat — (1.332) 

FT-SE IOO INDEX 
£25 per full index point 

Close High Low Prev 
Dec 13885 139.45 137.45 138.40 

March 140-35 140-35 13820 139.40 

Estimated volume 472 (360) 

Previous day's open int — (1.796) 


Dose High Low Prav 
Dec 88.55 88.87 88.51 88.51 

March 89.03 89.0ft 8089 89.07 

June- 89.28 89.32 B8J4 89.34 

Sept 8927 88.29 89-24 89.32 

Dec 89.22 89-24 8922 89.24 

Estimated volume 1,496 (1.532) 

Previous day's open Im — (7,238) 


THREE -MONTH EURODOLLAR 

Sim points of 100% 









■ -i.’! i 




B i F *• 1 


M .V >■ 







j- *Vr+ m 


■ •VIB 



Dec 
March 
June 
Sept 

Doc 

Estimated vohene 8.131 (8.051) 
Previous day's open int — (21,130) 


US TREASURY BONDS 
8% 5100.000 32nda Of 100% 


Close High Low Prow 

Dec 78-24 78-28 77-39 ‘,84)9 

March 77-12 77-11 77-04 78-30 

Estimated volume 8.B28 (6,480) 

Previous day's open im — (4.163) 


EXCHANGE CROSS RATES 


Nov. 1 

£ 

S 

DM 

YEN 

F Fr. 

S Fr. 

H Fl_ 
Lira 

"O". 

B Fr. 

Tan gw 


DM 


YEN , F Fr. r S Fr. ) H FL _ Lira Cl ,B Fr. 


DOLLAR SPOT — FORWARD AGAINST DOLLAR POUND SPOT — FORWARD AGAINST POUND 


1 . 

0.694 


1.441 3 
1 .. 2 


1.753 : 300,81 11.44- 3.080 4.238 8538. 1.973i 76.60 
1.605 208.8: 7.943. 2.138! 2^42| 1762 j 1.36B| 63lll 

L 2 ! 0.1 


Novi 


Day's 

spread 


Close 


One month 


% 

P-a. 


tinea 

months 


% 

P-a. 


Nov 1 


Day's 

Spread 


Close 


One month 


0.266 - 0.384 1 1.' 80.15 3.049! 0.8BV 1.129i 676.21 0 6261 

3.326 4.790 12.48 1000. 38.05: 10.24! 14.09 8437.! 6.569 


0.874; 1.259 

0.326 0.468. 


0.236 0.340 
0.394 1 0.568! 


20.39 

864.4 

3.279! 262.8 10.! 2.692! 3.7031 2218.! 1 . 724 ! 66 86 
1-218 | 97.65, 3.7151 l.j 1.376; 823.9; 0.640] 24.84 

18.05 


0.886 , 70.97- 
1.479 118.5 


8.700 0.787 
4.509; 1.214, 1.670- 1000. 


1.’ 598.8- 0.465 


0.507! 0.730' 

1.307- 1.883! 

VO; Frenoh 


1.902; 152.6. 

4.9061 393.li 


a.soi! 

14J96i 


1.6611 8.1481 1286. 

S.B3Q1 


h ear W: tire par 


4.0861 5.039! 3317.1 

IjOtXk Bala ft 


0.777] soils 


1. 38.78 
8.878- 100. 


par WL 


FORWARD RATES AGAINST STERLING 

Spot 1-month 3- month 6-month 12-month 

Dollar 1.4405 1.4383 1AZ77 1.4168 1.4013 

D-Mark 3.7525 3.7314 3.5909 3.8378 3.6428 

French Franc 11.4425 11.4800 11-3804 11.3396 11 .4107 

Swiss Franc 3.08 3.0807 3.0282 2.9800 28960 

Japanese Yen 300.75 289.76 297.83 294.90 28834 


EMS EUROPEAN CURRENCY UNIT RATES 


1.4400-1.4410 0.44-0. 41c pm 3.64 1^1 -1.28pm 3.57 

1.1870-1.1880 0.22-0. 12c pm 1.72 0.75-0. 60pm 2.11 

1.3884-1.3884 0.058.08c die -0.67 0.17-0-22dls -0.57 

2. 8410-28420 0.41-038C pin 181 1.26-1 -23pm 1.69 

53.05-53.15 34c dis -0.88 7-11 dis -0.88 

9.44 V8 AS VI ore dis -0.95 IV-Z^dis — 0.85 

2.5995-2.6005 0.72-0. 67pf pm 3.15 187-1 32pm 284 

182-163 125-SOOc dis -15.89 4SO-1050dla -1846 

16080-160.50 50- 70c dis -4.60 195-256dis -580 

1.781-1.782 7V8S Bra dis -5.46 23-25dls -5.4B 

784^-784% 2*-3Wa dis -4.S8 Bl.-93.dis -4.58 

78420-7.9430 0.82-0 82c dis -1.31 3.40-3.70dl* -1.79 

7.85-785*1 4-4*iore dis -889 12V12kdIs -8.37 

208.B0-20S80 0.1041.08/ pm 0.43 0.1 B-0. 13pm 080 

1880-18.34 34-ZtnFu pm 285 TOVSpm 282 

2.1370-2.1380 0.734). 88c pm 3.95 1.90-1 88pm 380 

t UK and Ireland era quoted In US currency. Forward premiums and 
discounts apply to the US dollar and not 10 the Individual currency. 
Belgian rata ie for convertible franca. Financial Irene 53.15-5385. 


UKt 1.4285-1 8405 
I reland t 1.1800-1.1885 
Canada 1.3662-1.9884 
Netiilnd. 2.9350-23640 
Belgium N/A 
Denmark 9.43-9.50 
W. Ger. 28990-2.8190 
Portugal 161V-163 
Spain 16082-160.70 
Italy N/A 

Norway 784-7.87 
France 7.8340-73880 
Sweden 7.84-788^t 
Japan 208.80-21080 
Austria N/A. 

Swltz. 2.1385-2.1520 


US 

Canada 

Nethlnd. 

Belgium 

Denmark 

Ireland 

W. Ger. 

Portugal 

Spain 

Italy 

Norway 

Franco 

Sweden 

Japan 

Austria 

Switz. 


1.4285-1-4405 

I. 8571-18730 
4.20-4.24*1 
75.82-7685 
13-53V13 6S\ 

18065-18165 

3.73-3.75*, 
231-235 
229-231 *» 
2820V 2838*. 

1184 VII 82*3 

II. 37V11.4W, 

11834,-11811, 

300-302 
2882-28 44 
3.08-3.084, 


I . 4400-1 .4410 

18720-1.9730 

483*4-4. 24*« 
79.45-78.55 
13.644,-13.654, 

18145-1.2155 

3.704.-3.754, 
231 1,-234>. 
230V231 
2837-2.538 
1189*1-11-30*1 

II. 43Vn.44*. 

11.30V11.3i4, 

300V301V 

268586.40 

3.07*1-3.064 


0.44-0.41 c pm 

0.54-0. 44c pm 
24-14C pm 
26-10e pm 
3*r-24ore pm 

0.2S-ai2c pm 

24-1 4pf P*n 
N/A 

10-65c die 
0-8 lira dis 
VI V ore die 

2V1 Vc pm 
2V3Vore drs 
1 . 06 - 0 . My pm 
N/A 

2V14c pm 


% Three 
p.s. months 

3.54 181-1 88pm 

2.98 185-1.41 pm 

5.31 G-Sepm 
282 84-46 pm 
2.64 104-84p*n 
1.83 0.80-0. 29pm 
8.40 64-54pm 
N/A N/A 
-1.95 90-21 5dls 
-1.89 7-16tfis 
-1.08 2-34die 
2.29 54-4* ipm 
-3.05 64-8* id is 

3.99 3_0O-2-B4pm 
N/A N/A 
781 5 7 ,-44pm 


P >• 


3.57 

3.00 

5.15 

2.85 

2.71 

1.47 

634 

N/A 

-2.64 

-1.81 

- 1.00 

1.79 

-2.63 

3.88 

N/A 

6.98 


When India first embarked on the high seas her rich 
treasure chest t«f muslin, ivorv, perfume and spice* 
found a ready market in hubhing pints as tar teaching ax 
Babylon, Greece, Rome. Arabia, Persia and China. 
Centuries have waved by and tides hav e turn ed, hat the 
tradition of Indian export still rides the crest. Today. 
India ranks among the major industrial nations of the 
world. With the third hugest number of scientific iMd ■. 
technical manpower, after the USA and the USSx, India 
can offer products with the best available expertise and 
technological input that match the world standards. That 
is why, the world buys over S 751X) million worth of 
sophisticated goods from India every year. 

CapexQ on the High Seas 

And Capexil. the Indian organisation for exp«t 
promotion of chemical based allied products has firmly 
anchored itself to the business of supplying the finest 
quality of Indian products to the world market. 

From auto tyres or asbestos products, betting or barytes. . 
ceramics or crushed bones amt canvas footwear. - 
furniture or fireworks, glass or gelatine, paints or paper, 
oit hoses or ossein, plywood or processed minerals, 
stationery or safety matches, veneer or vacuum flask. 

Ler Capexil be yoar guide 

Capexil can fanuliarise you with Government policies 
and procedures. In fact. Capexil will help you focaie the 
right supplier to match your specific product 
requirement and ensure fast delivery. 

So, as you venture on your quest for quality goods — look 
to the Indian shoreline, Capexil will skipper yon ihruqgb. • 


For more information contact: 


m 


tCAPEHL 

’ Chemicals & Affied Products 


LMmkaaa Amro rraunc 
Export Promotion CmmcM 

World Trade Centre 14/IB Ezra Street Calcutia 700 001. INDIA 
Phone : 26-7733/34/35. Grams : CAPEXIL Telex : 021-4368 

Ase.Kx.2M 


Belgian rate is far convertible francs. Financial franc 75.65-76.85. 
Six- month forward dollar 2.40-285C pm. 12-month 4.00-3.85c pm. 


THE BANK OF NOVA SCOTIA 


Scotia bank 

(A Canadian Chartered Bank) 

£100,000,000 

Floating Rate Debentures 2000 


For the three months 31st October. 1985 to 
31th January, 1986 the Debentures will bear an 
interest rate of 11.725% per annum and the 
coupon amount per £10,000 denomination will 
be £295.53. 

Agent Bank 

Samuel Montagu & Co. Limited 


EUROCURRENCY INTEREST RATES 



Ecu 

centra) 

rates 

Currency 
anuimh 
against Ecu 
October 31 

% change 
from 
central 
rate 

Y* change 
adjusted for 
dhrargence 

Dhrargence 
limit */• 

Belgian Franc ... 

44-8320 

44-8225 

-0.02 

+0.71 

±1.5425 

Danish Krona ... 

8.12857 

8.02154 

-1.32 

-089 

±1JB421 

German D-mark 

2^3840 

2-21085 

-1.23 

-0.80 

±1.1455 

French Franc ... 

6.88402 

6.74325 

-1.75 

-1.08 

±1.3664 

Dutch Guilder.- 

2j»2208 

2.49484 

-1.08 

—0-38 

±1^162 

Irish Punt 

0.724578 

0.714884 

-1.34 

-0.61 

±1^673 

Italian Lira 

1520.60 

1493.10 

-1JB1 

-1.68 

±4.0858 


Nov. 1 1 

l 

Short 

7 Days 

1 

Three 

Six 

One 

term 

notice 

Month 

Months 

Months 

Year 

Sterling. — 
U.S. Dtelar—i 

Ills lifts i 11*2 116b 

Ust-Uri 

llSs-Urt 

llitiiA 

113,-111, 

83s -8*b 

71,8 

77,^ 

881, 

B- 6 I 4 

8V8i, 

Can Dollar—! 

7TS-8JH 

81,-83, 

S41C 

86,850 

B&B.l 

8^-firV 


6ig 6 Sb 

61,-63, 

61, 6U 


WrWc 

8w. Franc....; Ig-W* 

DeutschmrkJ 4+ Aflt 
Fr. Franc—.] BisRi* 
Italian Lire-! 12-13** 

2-2*4 

4la-4S, 
91, BU 

SS38 

9*8 9 >4 

*1 

47, 5 
958-96* 

4*s-4Ss 

^■5,k 

106,-106* 

2W* 

107,-11 1, 

186,-14*4 

13*4-14 

13 1,-1364 

131,-135, 

1314-136, 

BJFr.lFin'..- 

8*4 -8*a 

83,-86, 

BSaRi* 

86*9 

06* -9 

Bi,9>, 


BM-aij 

81, BS t 

SS6^T0 

86* 9 

86. -9 

Bis-9 )b 

Yen ; 

7U-7Sft 

73,-71, 

7A-7+* 

76,-77, 

71* -73, 

7671, 

D. Krone — ~ 

86fl.gi a 

as,-?!. 

8Sb?I» 

9 91, 

991, 

9U-9S, 

Asian 6 (Sngi 

7i«-a 

71,^ 

778-8 

77, -8 

8-Sis 

8*0-8 1, 


Changes era for Ecu. therefore positlva change denotes a 
weak currency. Adjustment calculated by Financial Times. 


Long-term Eurodollars: two years 94,-84, per cent: three years 94*94 per 
cent; (our years 94-10 per cent: five years 94-104 per cent nominal. Short-term 
rates are call lor U.S. dollars and Japanese yen; others two days’ notice. 


MONEY MARKETS 


Active Liffe but quiet cash 


The money market in London 
remained very quiet last week. 
Interbank rates moved up 
slightly on Friday, after specu- 
lation about an oil price fail 
weakened sterling, but the 
impact was minimal, and did not 
result in any expectation of a 
higher rate structure. 

On the other hand the speech 
last month by Mr Nigel Lawson, 
Chancellor of the Exchequer, 
effectively ended any hope of an 
early cut in base rates, leaving 
the market virtually becalmed. 
The prospect of lower rates has 
also been hit by the rise in 
yields on paper traded In 
Tokyo and Frankfurt 

After the Increase In yields 
on Japanese Government bonds 
the previous week, prices fell 
and yields rose on German 
Federal bonds on Thursday. 


UK dearing banks base 
lending rate Hi per cent 
since July 30 


Trading in Frankfurt was 
rather confusing however, 
Influenced by end of month 
factors. German banks bad 
already satisfied the Bundes- 
bank's minimum reserve require- 
ments, allowing surplus money 
to flood onto the money market 
In order to stop rates falling at 
a time when the central banks 
intend currencies such as the 
D-mark to rise against the dollar, 
the Bundesbank drained liquid- 
ity, via short term contracts on 
the foreign exchanges. 

In contrast to the quiet cash 
market in London, financial 
futures were particularly active. 
Volume in all contracts, includ- 


ing options rose to a record 
weekly total of 112,089 on the 
London International Financial 
Futures Excha n ge. The previous 
record of 100,543 also included, 
options trading on Friday the 
volume in US Treasury bond 
futures was a record 8,628. after 
an earlier record of 7,995 on 
Wednesday. 


MONEY RATES 

(4 pm) „ 

Prime raw - 84 

Broker loon rats 84-9 

Fed funds 84 

Fed funds at Intervention ... 84 

Treasury Bills & Bonds 

On* month 7.04 

Two month 7.08 

Three month 7.42 

SI* month 7.87 

One yoar 7.82 

Two year 8-68 

Three year * ... 8^7 

Four year — 922 

Rw yoar 8.45 

Seven yarn- — 9.79 

10 yeor 598 

30 year ....... HJ-24 


BANK OF ENGLAND TREASURY BILL TENDER 


Nov. 1 Oct. SB 


Nov. 1 ' Oct 86 


Bills on offer-. 

Total of 

applications. £422 m 

Total allocated £100m 

Minimum 

accepted Did ...... £97.22 

Allotment at 
minimum level _■ 33% 


£ 100 m £ 100 m 


£41 5m 
£100m 


£97.22 


xe* 


Top Accepted ■ 
rate of discount 11. X505X 
Average 

. rate of discountl 1.1373% 

' Average yield. , 11.46% 

Amount on offer ■ 

: at next tender-., £l00m 


11.1506% 

21.1335% 

11.4B% 

l 

■ £100m 


London— band 1 bills mature In up to 14 days, band 2 bills 15 to 33 days, 
band 2 bills 34 to 63 days and bend 4 bills 64 to SI days. Rates quoted repre- 
sent Bank of England buying or selling rams with the money market In other 
centres rates are generally deposit rates In tits domestic money market and 
their respective changes during tivs week. 


BANK OF ENGLAND TREASURY BILL TENDER ^ LONDON INTERBANK FIXING 


(11.00 a.m. Nov. 1) 
Three months U.S. dollars 


Six months U.S. dollars 


LONDON 
Base rates 
7 day Interbank 
3mtlf Interbank 
Treasury Bill Tendi 
Band 1 Bills 
Band 2 Bills 
Band 3 Bills 
Band 4 Bills 
3 Mth. Treasury Bll 
1 Mth. Bank Bills 
3 Mth. Bank Bills 

TOKYO 

One me nth Bills 
Three month Bills 
BRUSSELS 
One month 
Three month 
AMSTERDAM 
One month 
Three month 


: Nov. l 

ohange 

| Oct. 83 .change 

'in. 

.Uriah 'd I Prime rates 

91, 

jUnoh'd 

‘11. ‘i 

— j!» : Federal funds 

; 83, 

, + ia 

-111, 

— ^ ! 3 Mth. Treasury Bills 

■ 7.43 

—0.03 

• 11.1373 

• + 0.6859 ’ 6 Mth. TreMUry Sills 

7.66 

— 016 

:116ft 

Unch 'd ' 3 Mth. C D 

7.80 

-0.19 

;!«.•« 

[in, 

HA 

i 11. Jr 

Unch 'd 

Unch ’d ! FRANKFURT 

Unoh'd Lombard 

' 5.5 

Uneh'd 

•*i. .One Mth. Interbank 

4.5S 

—0.175 


-Unoh'd Three month 

4.93 

, + 0.125 

11, i 

.7.59379 

7.78185 

+ AJ 

PAMS 

Intervention Rate 
One Mth. interbank 

!L* 

Unoh'd 

Uncn’d 

+ 1.1B75 Three month 

9*4 

Unch 'd 

■ til 

MILAN 

—4 One month 

+ it ■ Three month 

IB* 

+ *a 

Hi* 

'+'» 

514 

DUBLIN 

' + U . One month 

978 

1 — *6 

. 6L, 

+ >4 Three month 

67, 

!Unoh 'd 


bid 715/18 


offer 8 1/16 


bid 715/ifl 


offer 8 1/16 


The fixing rates are the arithmetic 
moans, rounded to the nearest one- 
sixteenth, of the bid and of? a red mss 
for SlOm quoted by the market to 


five reference banks at 11 a.m. each 
working day. The banks are National 
Westminster Bank. Bank of Tokyo. 
Deutsche Bank. Banque Nationals da 
Pa'rls and Morgan Guaranty Trust 


LONDON 

MONEY RATES 




NOV. 1 

Interbank.- 

Over ) 7 days i 
night } notice 

— 10-18 !l 13,-1 1A 

i i Three 1 

Month < Months ! 

Six 

Months i 

One 

Year 


Sterling CDs. — — 

Loca IA uth o rttyDe pom \ lHa-UOa'llSe-lHs 


MONEY RATES 


Local Authoriy Bonds i 
Discount Mkt Depos. 

COmpany Depot— 

Finance Hse Depos — 
Treasury Bills (Buy)... 

Bank Bills (8uy» 

Fine Trade Bills iBuyt 

Dollar CDs. 

SDR Linked Depos.- 
ECU Depos 


111ft 

114 


10- 11 Sai 




- lltt-lltiilltfc-UA 114 UJs Urit-llft 

- I 11* | 11* 

12la 12 

I 114 — 

i 114 i - 

! HS | 

i I - 

7.6-7.g 7.88-7.95 ,'8.05-8.16 

I ZW-fJ* ZH-f** I 7|* -8* 

' 84-858 I j 


11 * 
12 la 
114 
114 
11 * 
Jlrs 
Hi* 
11 


lias 

115« 


II* 


i 7. 8-7. 9 

latst 


OvT nig't 


One 

Month 


| Two • Three 
Months ! Months 


Six ' Lombard 
Months iln'v'ntion 


Frankfurt- 


Paris 

Zurich 

Amsterdam— 


4.90 4.60 4.65-4.76 4.90 6.00 4.90- 5.00 4.95 6.05; 


8* 

4-118 


9*8 9i« 

3tf-3ia 


9*8 94 


6*4-69* : 6r>-6iu — 


6r 


«*-B* 


5.6 

94 


Tokyo. 7 .03125 7.59575 7.6875 ’ 7.78 


Milan 14J« -144! 

Brussels- 7_BO 

Dublin - 10-1014 


15-154 
69s 84 
94-10 


94-10 


Z4&I-1& 
84 8Te 

■ 94-10 


84j«4 j — 


84 9 

070-104' 


Treasury Bills (sell): ono-month 114 per cent; three-months 114 per cant. 
Bank Hills (sell): one-mondi 114 per oenc three, month a 114a per cent. Treasury 
Bills: Average render ran of discount 11.1373 per cent. ECGD Fixed Finance IV: 
September 4 » October 1 (inclusive): 11.697 per cent. Local authority and 
Finance Houses seven days' notice, others seven days* fixed. Finance Houses 
Base Rate 12 per cent from November 1 1985. Bank Deposit Rates for sums st 
seven days' notice 6 .25-6. 625 per cem (net). Certificates of Tax Dapoaits (aeries 
8 ): Deposits £100.000 and ever held under one month 114 par cent: one-three 
months 114 i per cent; three-six months 114 per cent; six-nine months 114 per 
cent: nine-12 months 11 per cent. Under £100.000 104 per cent from October 2. 
Deposits held under Series B 11 per cent. Deposits withdrawn lor cash 74 oer 
cent- 


Brent Crude Oil 
on Telerate 


PHYSICALS: SPOT PRICES FOR DATED AND 
15-DAY BRENT 
FUTURES: IPE CRUDE OIL 

NYMEX ENERGY COMPLEX 


PAGE 8891 
PAGE 940 
PAGE 8815 


4 


TIME (MTH) DOTH) 


S POT BRENT- SIC, -'OFFER LEVELS. TRADES AND NYMEX ARBITRAGE 


BST OCT 


NOV 


MV 


| MHIIBT 


m 


iM Bgwar 


PAGE SB D T 


TRADES 




’ • 





mvii 

- • 2850-60 

2735-35 

2730-40 

- - 143 103 

- 


- - 2855-05 

2700 95 

2730-40 

- - 141 103 

- 

CU 2855 5S 

2850-00 2855 75 

2S00-10 

2740-50 

2675-35 155 128 

120 

65. 63. 75 

2890 00 ’ 2365-75 

2000- ID 

2740-50 

2675 35 145 113 

111 

IH3 2786. 50 

- - 2850-00 | 2805 75 

2800-70 

2740- 50 

- - 154 121 


32. 95. 2305 






2808 

2300-36 

2740-75 

2GS5-10 

- • 121 -05 

- 

d} 2731 35 

- - 2325 35 

2755-65 

2636-05 

2660-70 IIS *07 


38 45 

- - 2630-40 

2700-70 

2700-10 

- - • 124 104 

- 

CO 

- - - - 2830-35 

2755-60 

2700 05 

146 116 

• 


- - 2350-55 

278C-B5 

2720-30 

2660-80 143 +90 ■ 


CZ77; 

IPE BRENT INDEX DECS27 67 ,;Q 00! 23 10.35. ARB QUOTES USE BRENT M1D-P0IN 


TMEX BRENT ARB IS DIREDT MO," 

rlH IMS. 

T 7 00 ft 22 00 HR ARBS ARE V MERC SETTLEMENT 


KkSI 

11:12 

11:26 

12:18 

12£5 

13*7 


LONDON BASOK HHUHES PRICES OPffl 2-26-Z50 MRS HIGHER. 
U^TO ALLOW IBUffTH) EXPORTS OF ALASKA OIL 


IMU ARIOW EBM EAMYHIAMKFUgTTKADWfi... 

SPOT B8ENT CItliDF RBMB] IN l*0«7HV1®T EUROPE AT NffDOAV 

SPOT GASOIL BARCX PRIIXS HRMB9 M NORTHWEST EUR0PE_. 

LOW (U. HEATING-OIL STOCKS HMODEPIRCEaKflEASES- 


.8542 


.8533 


The Telerate Energy Service features NYMEX/Brent Arbitrage Spot 
Brent and Arbitrage Recaps. The service also provides comprehensive 
coverage of spot oil markets. 

Oil markets news is available on your Telerate screen from the 
AP-Dow Jones International Petroleum Report Subscribers have the 
benefit of watching oil markets and relevant news items on the screen 
simultaneously. 

For further information and a demonstration, please call Telerate 
Energy Department on 01-583 0044. 


Winchmore House, . 

12-15 Fetter Lane, London EC4A IRR.